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Bitcoin and all that


Smithee

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3 hours ago, Lovecraft said:

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

 

That’s what I suspect will happen.

 

Personally think it’s the worst time to go into it. I suspect it will take a bit of a spanking in the not too distant future. 

 

The accessability and volatility makes it a bubble ripe for popping.

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13 minutes ago, Lord BJ said:

 

That’s what I suspect will happen.

 

Personally think it’s the worst time to go into it. I suspect it will take a bit of a spanking in the not too distant future. 

 

The accessability and volatility makes it a bubble ripe for popping.

It certainly looks that way but this has been the prediction for literally years now. There have been a few fairly big drops but the market has always recovered. 

 

A smart man would sell up today imo and see what week brings. Me, I'm a div though

 

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Bubbles can always be reinflated. Timing is everything in these sort of things.

 

Anyway good luck by the sounds of it your enjoying the volatility of it all anyway. Think your getting your moneys worth on that alone :-)

 

 

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1 hour ago, Lord BJ said:

 

 

Bubbles can always be reinflated. Timing is everything in these sort of things.

 

Anyway good luck by the sounds of it your enjoying the volatility of it all anyway. Think your getting your moneys worth on that alone :-)

 

 

This guy gets it!

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Dean Winchester

I'm staying well away just now :lol:

 

I wouldn't be surprised if over the next few days we see what happened to Ether a few months ago. Someone with a large amount decides to sell, price dips more than expected and starts triggering stoploss targets so those people end up selling. Granted I don't think it will be as extreme ($400 down to 10 cents I think it was... Funnily enough someone had a low enough buy order that he actually got a crap load of them for the 10 cents before the price rebounded :lol:) but that's my prediction.

 

Truth is no one can really predict where it will go. Don't shove in more than you can afford to lose and have fun with it.

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Just now, Dean Winchester said:

I'm staying well away just now :lol:

 

I wouldn't be surprised if over the next few days we see what happened to Ether a few months ago. Someone with a large amount decides to sell, price dips more than expected and starts triggering stoploss targets so those people end up selling. Granted I don't think it will be as extreme ($400 down to 10 cents I think it was... Funnily enough someone had a low enough buy order that he actually got a crap load of them for the 10 cents before the price rebounded :lol:) but that's my prediction.

 

Truth is no one can really predict where it will go. Don't shove in more than you can afford to lose and have fun with it.

Another who gets it!

I've been on forums where folk are analysing trends and graphs and comparing them to other things but the truth is that no one has the faintest idea of what the correct model is. 

 

Depending on how flush I'm feeling, two weeks from today is when I'll be thinking to buy more. That'll be after the speculators enter (although they've no doubt been mega buying recently, helping to push the price up), the price falls and bargains are to be had.

 

The only thing I'm sure of with all this is that uncertainty is bad for prices in any market, so I'm confident we will indeed see this drop but I also think (with less confidence!) it'll bounce back stronger fairly quickly

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Rudolf's Mate

Steam have dropped Bitcoin payments saying it’s too volitile and the fees too high. Seems it’s viewed more as an investment than a currency and I don’t see that changing anytime in the near future.

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A lot of people think that the price may drop a bit on the 10th due to the release of a similar coin so it may be worth holding off if youre thinking of investing.

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Rudolf's Mate

Take it it’s pretty standard with regards to fees? I’ve seen some places claim to have little or no fees however the popular ones seem to charge nearly 4% to transfer funds (debit/credit) and then nearly 1.5% to buy. Is this the norm?

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11 minutes ago, Rudolf's Mate said:

Take it it’s pretty standard with regards to fees? I’ve seen some places claim to have little or no fees however the popular ones seem to charge nearly 4% to transfer funds (debit/credit) and then nearly 1.5% to buy. Is this the norm?

 

Someone posted a link to somewhere that has no charges, best look into things like security, ease of use etc before deciding though.

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Boy at my work paid for £20.60 worth of Bitcoin, but when the transaction went through, he only had £13 in his wallet.

 

He used Blockchain app to process the order.

 

Any ideas why?

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Rudolf's Mate
2 minutes ago, graygo said:

 

Someone posted a link to somewhere that has no charges, best look into things like security, ease of use etc before deciding though.

 

Yeah I’d rather use a more secure one and pay more. That said even Blockchain & Coinbase have had issues although CB itself has never been hacked. From what I’ve read anyway.

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12 minutes ago, Jeff said:

A lot of people think that the price may drop a bit on the 10th due to the release of a similar coin so it may be worth holding off if youre thinking of investing.

 

More likely the fact that it will be launched on the Futures market on the 10th will have an effect.

 

Some think it will see an initial drop before recovering and some say that it will crash Bitcoin.

 

If we knew the answer for certain we could all make a lot of money.

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3 minutes ago, Rab87 said:

Boy at my work paid for £20.60 worth of Bitcoin, but when the transaction went through, he only had £13 in his wallet.

 

He used Blockchain app to process the order.

 

Any ideas why?

 

Did he do it yesterday?

 

If he did then my guess is that he bought when they were high and they have since dropped, also he would have transaction charges.

 

He does realise these things can go down as well as up doesn't he?

 

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2 minutes ago, graygo said:

 

Did he do it yesterday?

 

If he did then my guess is that he bought when they were high and they have since dropped, also he would have transaction charges.

 

He does realise these things can go down as well as up doesn't he?

 

Yeah, of course he does. £20 to £13 would represented a 65% drop, which obviously never happened yesterday. On his invoice, it shows the fee as 60 pence, hence why he invested £20.60.

 

To me, it seems like there has been some kind of hidden fee somewhere of £7. This seems quite high to me though, so was just wondering if anyone else had experienced that kind of fee. I certainly have not.

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3 minutes ago, Rab87 said:

Yeah, of course he does. £20 to £13 would represented a 65% drop, which obviously never happened yesterday. On his invoice, it shows the fee as 60 pence, hence why he invested £20.60.

 

To me, it seems like there has been some kind of hidden fee somewhere of £7. This seems quite high to me though, so was just wondering if anyone else had experienced that kind of fee. I certainly have not.

 

£7 is not a 65% drop from £20, nearer 35%.

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Rudolf's Mate
3 minutes ago, Rab87 said:

Yeah, of course he does. £20 to £13 would represented a 65% drop, which obviously never happened yesterday. On his invoice, it shows the fee as 60 pence, hence why he invested £20.60.

 

To me, it seems like there has been some kind of hidden fee somewhere of £7. This seems quite high to me though, so was just wondering if anyone else had experienced that kind of fee. I certainly have not.

 

Im a complete novice at this but as you’ve pointed out that kind of swing just didn’t happen. I’m about to pull the trigger on a couple (including Bitcoin) however this has me scratching my head. I appreciate that there could be a huge dip and I may well end up worse off however I’d be reluctant to accept that if the exchange didn’t show the drop had occurred. 

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1 minute ago, graygo said:

 

£7 is not a 65% drop from £20, nearer 35%.

You are correct, my math was wrong. 

 

However, it never dropped by 35% at any point yesterday, did it.

 

Just find it odd, that's all.

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Rudolf's Mate
3 minutes ago, Rab87 said:

You are correct, my math was wrong. 

 

However, it never dropped by 35% at any point yesterday, did it.

 

Just find it odd, that's all.

 At its highest point yesterday and lowest point this morning there was a 16.7% difference. And that’s assuming he purchased at and viewed the data at those times.

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10 minutes ago, Rab87 said:

You are correct, my math was wrong. 

 

However, it never dropped by 35% at any point yesterday, did it.

 

Just find it odd, that's all.

 

Yesterday was pretty mad, If he got the timing at it's worst then it's possible.

 


 In one wild 20 minute period, the price of bitcoin soared $2,000 per coin to more than $19,000 only to drop to $15,000 on the Coinbase trading venue. The frenzied demand left other exchanges struggling to cope, and the difference in prices quoted on other venues for the same bitcoin asset was as much $4,000.
 

Not 35% but substantial.

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25 minutes ago, graygo said:

 

More likely the fact that it will be launched on the Futures market on the 10th will have an effect.

 

Some think it will see an initial drop before recovering and some say that it will crash Bitcoin.

 

If we knew the answer for certain we could all make a lot of money.

Will probs drop to 12k as everyone jumps ship. Happened the other month with BCH

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1 minute ago, Jeff said:

Will probs drop to 12k as everyone jumps ship. Happened the other month with BCH

 

It's pretty much at that level just now .

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9 minutes ago, graygo said:

 

Yesterday was pretty mad, If he got the timing at it's worst then it's possible.

 


 In one wild 20 minute period, the price of bitcoin soared $2,000 per coin to more than $19,000 only to drop to $15,000 on the Coinbase trading venue. The frenzied demand left other exchanges struggling to cope, and the difference in prices quoted on other venues for the same bitcoin asset was as much $4,000.
 

Not 35% but substantial.

Just spoke to him again.

 

He originally tried to buy them through the app on Saturday, for whatever reason, it never went though fully.

 

I think what he done was then complete the transaction yesterday, so may well have been buying at Saturdays rate. Seems like a plausible explanation.

 

On another note, does anyone use any of the mining options? It seems you pay a fee towards a central mining team, which helps pay for their infrastructure. In return, you get a set return every month. I have not looked into it a great deal, so wondering if anyone uses  this option at present?

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3 minutes ago, Rab87 said:

Just spoke to him again.

 

He originally tried to buy them through the app on Saturday, for whatever reason, it never went though fully.

 

I think what he done was then complete the transaction yesterday, so may well have been buying at Saturdays rate. Seems like a plausible explanation.

 

On another note, does anyone use any of the mining options? It seems you pay a fee towards a central mining team, which helps pay for their infrastructure. In return, you get a set return every month. I have not looked into it a great deal, so wondering if anyone uses  this option at present?

 

That sounds plausable as it can take a few days to link your bank account, check ID etc but it locks in the original buy price.

 

Not sure on the mining thing but I have read that the electricity costs used for it can be higher than the rewards.

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5 minutes ago, Ray Gin said:

You would need to have a room full of PC all with top GPU's, turned on and mining 24/7 to make any sort of decent return.

I think you misunderstood.

 

What you do, is pay a fee to a company which does this on a massive scale, and you get a cut of their profits.

 

This is one that I have seen - 

 

https://hashflare.io/

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19 minutes ago, Ray Gin said:

You would need to have a room full of PC all with top GPU's, turned on and mining 24/7 to make any sort of decent return.

An Antminer S9 returns an average 0.285 btc per month. I've read the best thing to do is combine forces and join a BTC mining guild.

It's intriguing..

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Rudolf's Mate

Things like this I always wondered why KB didn’t do something and get people to invest. I’m talking about the actual admin side getting people to stake anything from £1-£10 and agreeing that should it make a profit that a percentage goes towards Hearts, HYDC or the likes. I’d have been up for that. 

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jack D and coke
59 minutes ago, Rab87 said:

Just spoke to him again.

 

He originally tried to buy them through the app on Saturday, for whatever reason, it never went though fully.

 

I think what he done was then complete the transaction yesterday, so may well have been buying at Saturdays rate. Seems like a plausible explanation.

 

On another note, does anyone use any of the mining options? It seems you pay a fee towards a central mining team, which helps pay for their infrastructure. In return, you get a set return every month. I have not looked into it a great deal, so wondering if anyone uses  this option at present?

I’ve seen people complain about the fees the last day or so. 

Apparently it’s just due to the sheer amount of transactions in bitcoin atm. 

Your mate has been a bit unlucky. 

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29 minutes ago, Smithee said:

An Antminer S9 returns an average 0.285 btc per month. I've read the best thing to do is combine forces and join a BTC mining guild.

It's intriguing..

Get a whole farm of them going in the Roseburn undercroft.

 

Champions League here we come,

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Rudolf's Mate
42 minutes ago, Smithee said:

An Antminer S9 returns an average 0.285 btc per month. I've read the best thing to do is combine forces and join a BTC mining guild.

It's intriguing..

 

Really have no idea but how much does it cost per month to get that return? 

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29 minutes ago, Rudolf's Mate said:

 

Really have no idea but how much does it cost per month to get that return? 

I really don't know, this is completely new to me

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Just now, Rudolf's Mate said:

 

FFS Smithee I’m relying on you ?

I did read that most btc is being mined in China due to comparatively low power prices meaning more profit. That makes me think that the currency will continue to grow overall. It would be bad for the Chinese economy if it failed as it's bringing lots of raw western currency into the country, and they have the power and motivation to keep it afloat if necessary IMO

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2 hours ago, Rab87 said:

I think you misunderstood.

 

What you do, is pay a fee to a company which does this on a massive scale, and you get a cut of their profits.

 

This is one that I have seen - 

 

https://hashflare.io/

Signing up to a 12 month contract seems risky. Quite hard to determine just how much that will cost you as well as subscription options aren't exactly in lay terms.

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Unfortunately I missed the boat with this bitcoin business :( my understanding is that they don't have the same value as they did a few years ago.

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Rudolf's Mate
2 hours ago, Smithee said:

I did read that most btc is being mined in China due to comparatively low power prices meaning more profit. That makes me think that the currency will continue to grow overall. It would be bad for the Chinese economy if it failed as it's bringing lots of raw western currency into the country, and they have the power and motivation to keep it afloat if necessary IMO

 

Someone (can't be bothered looking back) mentioned another one hitting on 10th and there could be a dip. Seemed possible however if the last 3 days are anything to do by then it's going to have to be quite a dip to counter the next 3 days.

 

1 hour ago, hughesie27 said:

Signing up to a 12 month contract seems risky. Quite hard to determine just how much that will cost you as well as subscription options aren't exactly in lay terms.

 

Yeah I had a look and it really wasn't clear what your total outlay might be.

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Rudolf's Mate
3 minutes ago, Marvin said:

Unfortunately I missed the boat with this bitcoin business :( my understanding is that they don't have the same value as they did a few years ago.

 

I remember there was a thread a few years ago on here about Dogecoin. People were taking the plunge back then and some were mentioning Bitcoin. Granted the returns from 3-4 years ago are going to be hard to beat (ok maybe impossible) however if it keeps going the way it is then it's still good value.

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