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poby

Bitcoin bemusement

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poby
By the end of April I had invested a total of just over US$10k in the two largest cryptocurrencies (bitcoin and ethereum).  24 days later and my US$10k is now worth US$19k.  The price has skyrocketed in the past few weeks.  I bought for the long term like 10+ years so while it’s certainly nice to see a large paper profit, I have no idea if my investment will pan out in the long term.  Experts are a dime a dozen but nobody can say with any real knowledge what the price will be in the future.  One silicon valley dotcom billionaire is recommending putting 1% of your assets into it.  He reckons in 5 to 7 years a bitcoin will either be worth zero (20% chance) or 1 million dollars (50% chance).  But his guess is as good (or bad) as anyone else’s.
 
Japan has announced bitcoin to be a valid currency for purchase of goods and services and there’s a Japanese airline that recently announced they are accepting it for payments.  Other countries including Russia are looking at legalising it for commerce.  The criminal element kept it alive for many years but this year it seems to be taking off as a mainstream currency.  There seems to be a lot of positivity and tail winds behind it that suggest it will continue it’s rapid ascent.  In April when 1 bitcoin was trading at around US$1300 I was thinking maybe it might be worth US$3000 by the end of the year though I thought I was being overly optimistic.  As I write this the price has just cracked US$2300 so my dream is looking a little less fanciful.
 
However, it could all fall in a heap at any time so I’m not counting my chickens.  It’s tempting to sell now and lock in a huge profit but then it would really annoy me if it continues to rise.  Also it’s kind of fun checking the price daily – especially as it seems to keep rising.  But I suspect a correction is coming.  It’s gone up too much too fast, mostly I think because people are buying it because... people are buying it.  In other words it’s a tulip bubble.  But whatever happens, I’m committed to holding for the sooner of either 10 years or until 1 bitcoin is worth $1MM.  The latter I think is very unlikely but it’s like a lottery ticket: a small price to pay for a dream.
 
Considering it’s recent meteoric ascent, I’m no longer recommending anyone invest in it substantially.  I won’t recommend an investment I’m not prepared to invest in and at the current price, I’m happy to hold but won’t buy any more.  But if I didn’t own any, I would probably buy 1 bitcoin and put it away for 10 years and see what happens but I wouldn't invest any more.  It's a gamble (like all investments), but win or lose, it's something in life to be interested in.  Which is something I need.
Edited by Paul
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toshi

Hi , what exchange / platform u use to buy bitcoins?

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poby
23 minutes ago, toshi said:

Hi , what exchange / platform u use to buy bitcoins?

I'm in Australia.  I use https://www.cointree.com.au and https://www.independentreserve.com and some others.  You have to provide the usual ID stuff.  Which is silly really as there is nothing to stop you anonymizing the coins after you buy them.

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Bishop

There may be a chance of one crypto going to $0 but there is almost no chance that all crypto's total market cap is less than it is today. I projected a 210B market cap when it was at 40B in the 3-5 year range. Looks like I underestimated institutional investor money by a ton. Even if it takes 7 years to get to 210B that's still one percent return per month. I am in BTC, Ether and Dash, sizable positions but I would be in much deeper if I was in the US and could easily liquidate other investments.
 

 

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rep1

BTC had some troubles with the owners/maintainers and dropped its share from above 80% to half almost over night. A lot of money went to alternative cybercoins.

However, its value recovered in a short time and I deeply regret pulling out...

It's not just BTC raising. all the cybercoins are raising faster and faster.

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samatm

What 

On 5/24/2017 at 8:33 PM, rep1 said:

BTC had some troubles with the owners/maintainers and dropped its share from above 80% to half almost over night. A lot of money went to alternative cybercoins.

However, its value recovered in a short time and I deeply regret pulling out...

It's not just BTC raising. all the cybercoins are raising faster and faster.

Ok so what is the consensus now?    Many pundits say Bitcoin is just getting started and they seem to have really valid reason...  I was recently introduced to joing somethign called Trade Coin Club .. but it looks like Ponzi.         Can you purchase Bitcoin as one would  on other Fx  trading platforms  with leveraged amounts?   

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Slammer

I purchase or sell my Bitcoins here ,you can select the country where you are, very easy and fast.

REMITANO.png.f19a77d2c5e92500b25cf35aa54268e9.png

 

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rep1
8 hours ago, samatm said:

What 

Ok so what is the consensus now?    Many pundits say Bitcoin is just getting started and they seem to have really valid reason...  I was recently introduced to joing somethign called Trade Coin Club .. but it looks like Ponzi.         Can you purchase Bitcoin as one would  on other Fx  trading platforms  with leveraged amounts?   

haven't joined but It says microtransactions - I assume it's automatic buy & sell?

Transaction fee for cryptocurrencies are really high, like 5% to 10% (i.e. buy then sell means 10% or 20%!) Day operations seem highly unsuitable because you need to gain a lot each time to offset that.

I don't know how to predict ups and downs. They have a chart to predict unsustainable growth - bitcoin is more predictable last year and a year before but this year it has been growing unusually fast and no sign of falling. ETH is even more unpredictable and its current value came from completely unpredictable short-time bursts that happen after months of complete silence. Its value was less than $10 last year!

I just put a little here and there and wait. If it dies it dies. If not, maybe a million 5 years later?

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BossHog

How much are the Dennis Rodman North Korean-denominated PotCoins going for now?

Are they a collector's item yet?

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Monsoon

Back in late 2015 I had a client offer to settle a well overdue invoice in Bitcoins, as I had written it off already I took them and there they sat.  I bet he is still regretting it, because I am still celebrating it. More fun than the .com days before the crash! 

 

 

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Magoo
On 7/3/2017 at 7:52 AM, BossHog said:

How much are the Dennis Rodman North Korean-denominated PotCoins going for now?

Are they a collector's item yet?

Everything is down compared to the few weeks ago when the PotCoin was on the news. Even Ripple is at .17$

I hold Bitcoin, Ethereum, and Litecoin

I think Litecoin will be following Ethereum soon.

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Paul
7 minutes ago, Magoo said:

I hold Bitcoin, Ethereum, and Litecoin

I have enough problems holding USD. I dare not try to hold anything else. :D

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poby

I've got a dozen bitcoin and 20 ethereum in cold storage.  The current volatility (mostly due to the ongoing scaling issues and the potential for a UAHF on August 1) is interesting but I won't be selling for at least 5 years.  It will most likely by then be  worth either over $200k or zero.

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Klausaha

I do a lot of crypto Trading with Bitcoin and some good altcoins - does anyone knows,  if or what the Tax rules here in the Philippines are for that?

There is nothing to find in the web, especially for Altcoins and i am pretty sure, if I go here to a layer and ask, he will not even know what crypto currency's are.

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spydoo
6 hours ago, Klausaha said:

I do a lot of crypto Trading with Bitcoin and some good altcoins - does anyone knows,  if or what the Tax rules here in the Philippines are for that?..

1

Don't ask, don't tell.

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