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Bitcoin and all that


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HeartOfWestLothian
1 hour ago, Dean Winchester said:

 

There are limits for both. The max number of Litecoin is around 4x that of Bitcoin so it will likely be cheaper for a long time unless it proves to be more useful than Bitcoin for those using it.

 

Exactly, 4x that of Bitcoin yet 0.014 of the price. 

 

I don't expect it to ever take over bitcoin but even if it gets to 0.1% of BTC value it's great returns!

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HeartOfWestLothian
32 minutes ago, Ray Gin said:

Profits up to £270

 

I'll have my new OLED TV paid off within a month at this rate.

 

:munny:

 

 

Planning to cash out early?

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Dusk_Till_Dawn
15 minutes ago, heartsfc_fan said:

Oh my litecoin now €299. Was €167 this time yesterday!!!

 

Isn't this indicative of lots of people who don't know what they're doing cashing in, cashing out, cashing in, cashing out?

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Rudolf's Mate

So took the plunge and bought £50 worth of Bitcoin. Decided on  Blockchain as unlike Coinbase they weren’t charging an additional 3.99%. 

 

Jist nefore completing I checked the fees which stated clearly £1.50 meaning £51.50 total. After around 20+ mins the coins were showing in my wallet however the value is showing as £37.80 ? I’m confused! 

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HeartOfWestLothian
3 minutes ago, Rudolf's Mate said:

So took the plunge and bought £50 worth of Bitcoin. Decided on  Blockchain as unlike Coinbase they weren’t charging an additional 3.99%. 

 

Jist nefore completing I checked the fees which stated clearly £1.50 meaning £51.50 total. After around 20+ mins the coins were showing in my wallet however the value is showing as £37.80 ? I’m confused! 

 

Did the price dip relative to the £?

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Rudolf's Mate
22 minutes ago, HeartOfWestLothian said:

 

Did the price dip relative to the £?

 

Not to justify a near 24%! It is what it is however the idea was to exchange it to Ether. Reading that people are moaning Blockchain also have high fees to do this? 

 

:rofl: Probably should have just used Coinbase 

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Just now, milky_26 said:

as a beginner would people recommend using coinbase? or is there anything similar that people would recommend?

Depends what you want to do mate, I found localbitcoins good for just buying, but if you want to trade it's more awkward than others I believe

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HeartOfWestLothian
8 minutes ago, milky_26 said:

as a beginner would people recommend using coinbase? or is there anything similar that people would recommend?

 

Use coinbase, then if its Litecoin you buy download "LoafWallet" for your phone and if it is Bitcoin download "BreadWallet". 

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2 hours ago, Rudolf's Mate said:

So took the plunge and bought £50 worth of Bitcoin. Decided on  Blockchain as unlike Coinbase they weren’t charging an additional 3.99%. 

 

Jist nefore completing I checked the fees which stated clearly £1.50 meaning £51.50 total. After around 20+ mins the coins were showing in my wallet however the value is showing as £37.80 ? I’m confused! 

 

Sure it wasn't €50? Which is, funnily enough about £37.

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Rudolf's Mate
5 minutes ago, heartsfc_fan said:

 

Sure it wasn't €50? Which is, funnily enough about £37.

 

Nah they took £51.50 from my bank.

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Dean Winchester
8 hours ago, Dean Winchester said:

Say goodbye to any Litecoin profits guys. I've just bought in :lol:

I am now at just under 50% profit after 8 hours :lol: :lol: :lol: 

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3 minutes ago, Dean Winchester said:

I am now at just under 50% profit after 8 hours :lol: :lol: :lol: 

Nice!

 

But it occurred to me today that I'm going to feel like shite if this whole thing crashes and everyone on this thread loses their hard earned - apologies in advance!

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Dean Winchester
12 minutes ago, Smithee said:

Nice!

 

But it occurred to me today that I'm going to feel like shite if this whole thing crashes and everyone on this thread loses their hard earned - apologies in advance!

 

Got a trailing SL so if it falls steadily then I should be guaranteed a profit. Not sure how it works if there is a flash crash.

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Rudolf's Mate

So the unknown fees relate to network/miners fees. These can vary hugely however you don’t know how much they’ll be until the transactions processed. 

 

Seems the the more popular it becomes the higher these fees are going to be. Or am I wrong?

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jack D and coke
14 minutes ago, Rudolf's Mate said:

So the unknown fees relate to network/miners fees. These can vary hugely however you don’t know how much they’ll be until the transactions processed. 

 

Seems the the more popular it becomes the higher these fees are going to be. Or am I wrong?

It’s so ****ing confusing eh :lol: 

 

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Rudolf's Mate

Ok another question that’s got me wondering. 

 

Quite a lot of people seem to move away from wallets provided by likes of Blockchain etc due to restrictions. What’s to be gained from doing this? 

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2 minutes ago, Rudolf's Mate said:

Ok another question that’s got me wondering. 

 

Quite a lot of people seem to move away from wallets provided by likes of Blockchain etc due to restrictions. What’s to be gained from doing this? 

I moved mine to Mycelium on my phone. The only thing that motivated me was that I preferred to secure it myself rather than trusting someone else.  If I buy more though I'll probably leave it on coinbase to save the fees and allow me to move quickly if the market changes.  Just now I'd have to transfer to an online  wallet and wait ages for that to go through and be charged for it. 

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Litecoin has taken a bit of a dive overnight. Only up by a bawhair now. Looks like it's starting to creep back up again slowly though.

 

Ethereum and Bitcoin still performing nicely for me.

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The first bitcoin I bought was to pay for ultimate mania - gutted I didn't jump in then, they were selling at £6590.45

 

My real buy in was 8929.84 and right now it's at 12906.51. What prices did you all get? I'm betting Jack D got a belter

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Rudolf's Mate
20 minutes ago, Smithee said:

I moved mine to Mycelium on my phone. The only thing that motivated me was that I preferred to secure it myself rather than trusting someone else.  If I buy more though I'll probably leave it on coinbase to save the fees and allow me to move quickly if the market changes.  Just now I'd have to transfer to an online  wallet and wait ages for that to go through and be charged for it. 

 

 

Cool ok so it’s more for security. Like you say it can have an impact on being able to react to movements, if that’s what you intend on doing.

 

Been having a good look at the fees etc. Notice a lot of people mention the the priority has a major impact on the fee. Some exchanges allow you to select the priority however Blockchain doesn’t when you purchase Bitcoins. Trying to familiarise myself with transferring (should O need to) I noticed Blockchain do allow you to change the priority for transfers. High priority is currently just over £11 and low is just over £3. Now I know where my high fees came from yesterday. 

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jack D and coke
2 hours ago, Smithee said:

The first bitcoin I bought was to pay for ultimate mania - gutted I didn't jump in then, they were selling at £6590.45

 

My real buy in was 8929.84 and right now it's at 12906.51. What prices did you all get? I'm betting Jack D got a belter

It was a lot lower than now I honestly can’t remember, maybe about the £6-£7k mark at first when basically like you I only bought for my mania sub. I’ve also as ended up paying a couple of mates mania subs for them and they’ve gave me pounds :facepalm: so I’ve defo lost out a wee bit. 

I bought a couple of hundred quids worth after that and moved some in ethereum and it’s doubled in value since then so not too bad. Got ethereum at about £300 and it’s nearly £500 now. 

Im like probably a lot of others I wish I’d had the bottle to lump on a bit more. 

Always had that nagging doubt I’d jump in and the arse would fall out it :lol: 

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Cheers to all those making bank on this but some folks are going to lose an enormous amount of money on all this at some point...

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jack D and coke
24 minutes ago, Ugly American said:

Cheers to all those making bank on this but some folks are going to lose an enormous amount of money on all this at some point...

You can’t withdraw huge sums so it’s not just going to collapse overnight. I think the most you can get out at one time is about £7k I’ve heard. It’s not like someone who had them at the start can just suddenly withdraw £200m or something ridiculous and totally crash the price. 

It will eventually fall ive no doubt though but how much is anyone’s guess. 

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57 minutes ago, jack D and coke said:

You can’t withdraw huge sums so it’s not just going to collapse overnight. I think the most you can get out at one time is about £7k I’ve heard. It’s not like someone who had them at the start can just suddenly withdraw £200m or something ridiculous and totally crash the price. 

It will eventually fall ive no doubt though but how much is anyone’s guess. 

 

I mean the point of bitcoin was to actually be a currency, and you can't use it as a currency if you're effectively seeing significant price deflation on a weekly basis. So at the moment it's just an equity, but unlike stock in a company or a commodity, its only value is as a currency.

 

So you have people dumping money into an equity right now who can sell it on because the price is continuing to rise, which is kind of a fun speculation game, but at some point the novelty will wear off. I suppose then it could level off and settle in on a standard value that could be used for trading, but what good is a currency that's denominated in roughly the price of a small car?

 

When that happens, a big selloff isn't the worry -- it's the sudden absence of buyers. You're then stuck with bitcoin that nobody's terribly interested in buying with real currency and that isn't usable for anything else. That's the very definition of a bubble.

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jack D and coke
14 minutes ago, Ugly American said:

Also, this twitter thread talks about how hard it is to move this stuff in practice.

 

 

 

I hear this a lot too but I can’t imagine it being true when it’s getting more and more popular and the likes of Steam were accepting it and now talk of amazon doing the same. 

Unless you know how much of it he was trying to shift and to who it’s hard to have an opinion. 

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jack D and coke
49 minutes ago, Ugly American said:

 

I mean the point of bitcoin was to actually be a currency, and you can't use it as a currency if you're effectively seeing significant price deflation on a weekly basis. So at the moment it's just an equity, but unlike stock in a company or a commodity, its only value is as a currency.

 

So you have people dumping money into an equity right now who can sell it on because the price is continuing to rise, which is kind of a fun speculation game, but at some point the novelty will wear off. I suppose then it could level off and settle in on a standard value that could be used for trading, but what good is a currency that's denominated in roughly the price of a small car?

 

When that happens, a big selloff isn't the worry -- it's the sudden absence of buyers. You're then stuck with bitcoin that nobody's terribly interested in buying with real currency and that isn't usable for anything else. That's the very definition of a bubble.

It’s not denominated at its price really. There will only ever be 24 million bitcoin mined I think and you don’t buy in individual bitcoin you get chunk of 0.0123836 or something for your £100 etc I think this is where a few people don’t understand it. 

If you wanted to sell me something for £50 and I paid you in bitcoin it doesn’t matter what price bitcoin is it’s gets transferred into pounds and pence automatically and you’ll always get your £50. Bitcoin fluctuation doesn’t matter one bit unless you have a large amount of it and are in it for investment. 

I was arguing with a mate about this who is so desperate for it all to fail it’s unreal. He can’t get his head around it and he works in investment. 

 

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3 minutes ago, jack D and coke said:

It’s not denominated at its price really. There will only ever be 24 million bitcoin mined I think and you don’t buy in individual bitcoin you get chunk of 0.0123836 or something for your £100 etc I think this is where a few people don’t understand it. 

If you wanted to sell me something for £50 and I paid you in bitcoin it doesn’t matter what price bitcoin is it’s gets transferred into pounds and pence automatically and you’ll always get your £50. Bitcoin fluctuation doesn’t matter one bit unless you have a large amount of it and are in it for investment. 

I was arguing with a mate about this who is so desperate for it all to fail it’s unreal. He can’t get his head around it and he works in investment. 

 

 

Okay, I didn't know you could buy and sell fractions of it.

 

However, someone has to hold it, and the fluctuations matter to them as presumably they can't pay their council taxes in bitcoin. And you say "you'll always get your £50," so what's the point of holding the bitcoin -- why not just transfer £50 to me if you want to pay me £50?

 

It sounds like the fuss about gold all over again.

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19 minutes ago, jack D and coke said:

It’s not denominated at its price really. There will only ever be 24 million bitcoin mined I think and you don’t buy in individual bitcoin you get chunk of 0.0123836 or something for your £100 etc I think this is where a few people don’t understand it. 

If you wanted to sell me something for £50 and I paid you in bitcoin it doesn’t matter what price bitcoin is it’s gets transferred into pounds and pence automatically and you’ll always get your £50. Bitcoin fluctuation doesn’t matter one bit unless you have a large amount of it and are in it for investment. 

I was arguing with a mate about this who is so desperate for it all to fail it’s unreal. He can’t get his head around it and he works in investment. 

 

 

As far as I am aware, that isn't true. The merchant receives the bitcoins into their wallet. It is entirely up to them whether they immediately convert those bitcoins into hard currency (as many do in order to counter potential fluctuations) or hold on to them.

 

https://en.bitcoin.it/wiki/How_to_accept_Bitcoin,_for_small_businesses

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jack D and coke
33 minutes ago, Ugly American said:

 

Okay, I didn't know you could buy and sell fractions of it.

 

However, someone has to hold it, and the fluctuations matter to them as presumably they can't pay their council taxes in bitcoin. And you say "you'll always get your £50," so what's the point of holding the bitcoin -- why not just transfer £50 to me if you want to pay me £50?

 

It sounds like the fuss about gold all over again.

All depends what I want to buy from you and where you are in the world I guess. Banks leave a trail.

Tbh mate it’s all quite new to me too although I’ve been aware of it for a few years. Sometimes I think the more I read about it the more confused I get :lol: 

 

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jack D and coke
26 minutes ago, redjambo said:

 

As far as I am aware, that isn't true. The merchant receives the bitcoins into their wallet. It is entirely up to them whether they immediately convert those bitcoins into hard currency (as many do in order to counter potential fluctuations) or hold on to them.

 

https://en.bitcoin.it/wiki/How_to_accept_Bitcoin,_for_small_businesses

Well of course that’s true but if you have a virtual wallet and I sell you something and I accept bitcoin as payment I can immediately transfer it into pounds or dollars or like you say leave it in BC. 

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13 minutes ago, jack D and coke said:

Well of course that’s true but if you have a virtual wallet and I sell you something and I accept bitcoin as payment I can immediately transfer it into pounds or dollars or like you say leave it in BC. 

 

Indeed. However, depending on the state of the market at the moment of the transaction, "immediately" may not be immediately and quick conversion may come at a cost (as one poster has already found out). A price quoted in bitcoins may also be rapidly out of date if the bitcoin price is fluctuating rapidly. Thus bitcoin fluctuation does matter to vendors who receive payments in bitcoin, and your statement "Bitcoin fluctuation doesn’t matter one bit unless you have a large amount of it and are in it for investment." is inaccurate, imo. Hence Steam's recent decision to stop taking payments in bitcoin.

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Just now, graygo said:

Can you guys stop dissing Bitcoin, your causing it's price to slump  :(

 

No, I've sold short. ;)

 

I always wondered if JKB was the internet's "butterfly's wings".

 

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Rudolf's Mate

This was never an investment for me and it was a bit fun whilst taking steps to better understand how the whole thing works. 

 

Having seen my initial investment go from £50 down to £36.21, (what it was this morning) yesterday I looked at the whole movement of Bitcoin from one exchange to another or swapping them for another coin. Blockchain wanted to charge me £11 yesterday to transfer my Bitcoin to another exchange plus also charge me £6 just to covert it into Ethereum. So this morning I decided to move it from Blockchain over to Binance which had changed to £5+ whilst seeing my investment of £50 now sit at around £30.

 

Like I said it was never an investment however I decided on the move simply because Bitcoin would need to nearly double in price for me to see any profit. No doubt when I exchange my Bitcoin for another coin it will end up being around £25 :lol:

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HeartOfWestLothian
1 hour ago, Nixie said:

Huge gains coming for Ethereum.

 

I reckon Ethereum will see the biggest % gains over 2018. 

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HeinzTomatoSoup

Do people think its too late now to jump on the bandwagon and buy bitcoin?

 

i have been looking into investments lately but not sure i want to put my eggs all in one basket so to speak.

 

Was looking at backing multiple markets suppose to one using passive investment strategies.

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13 minutes ago, HeinzTomatoSoup said:

Do people think its too late now to jump on the bandwagon and buy bitcoin?

 

i have been looking into investments lately but not sure i want to put my eggs all in one basket so to speak.

 

Was looking at backing multiple markets suppose to one using passive investment strategies.

 

:rofl:

 

It's JKB, I think most of the folk on this thread see it as a bit of fun not a means to invest for their retirement.

 

Speak to an independent financial advisor would be my advice.

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