Would be interested to read some investors’ reasoned long game strategies. Anyone?
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m on my phone, so can’t write much... by my long term goal is to use Bitcoin as a currency... I already do, I have paid for dev services in Bitcoin and been paid in Bitcoin... I’ve also got a debit card that auto converts btc to fiat and then gives me cashback in crypto.
PayPal will accept Bitcoin in 2021, so that opens it up to anything on eBay etc. My boss just bought a property in Dubai with btc... it’s already working as a currency
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 1 minute ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m on my phone, so can’t write much... by my long term goal is to use Bitcoin as a currency... I already do, I have paid for dev services in Bitcoin and been paid in Bitcoin... I’ve also got a debit card that auto converts btc to fiat and then gives me cashback in crypto.
PayPal will accept Bitcoin in 2021, so that opens it up to anything on eBay etc. My boss just bought a property in Dubai with btc... it’s already working as a currency
----------------------------------------------------------------------
Was the idea always to buy some coin to eventually use as currency with the expectation that purchasing power would outrun inflation and adoption would see a post-inflationary BTC hold its value?
Or did you pick some up in speculation?
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
Simplistic answer but HODL.
I might sell 20% of my portfolio this time next year if the crypto market cap reaches moonboy price targets.
Ultimately I see BTC being adopted by a number of major players over the next year and basically becoming a world wide currency
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 1 minute ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m on my phone, so can’t write much... by my long term goal is to use Bitcoin as a currency... I already do, I have paid for dev services in Bitcoin and been paid in Bitcoin... I’ve also got a debit card that auto converts btc to fiat and then gives me cashback in crypto.
PayPal will accept Bitcoin in 2021, so that opens it up to anything on eBay etc. My boss just bought a property in Dubai with btc... it’s already working as a currency
----------------------------------------------------------------------
Was the idea always to buy some coin to eventually use as currency with the expectation that purchasing power would outrun inflation and adoption would see a post-inflationary BTC hold its value?
Or did you pick some up in speculation?
----------------------------------------------------------------------
To be perfectly honest... it was to buy drugs online!
So I’ve always used it as a currency, since it was $300 a pop.... I would over buy though as it was during the first run, so I also got a taste for the speculation of it.
I brought a bunch of alt coins and lost most of it
Was going to invest in some bitty earlier this year but the stock market was too damn volatile to miss out, in hindsight I’m glad I did.
I’ll wait for the next collapse and then buy back into it.
comment by £350k Förtnite Skin (U18355)
posted 19 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
Simplistic answer but HODL.
I might sell 20% of my portfolio this time next year if the crypto market cap reaches moonboy price targets.
Ultimately I see BTC being adopted by a number of major players over the next year and basically becoming a world wide currency
----------------------------------------------------------------------
Hold until when? You have an idea about what you expect to happen over the next 18 or 36 mths?
The hash rate has started to look a little more volatile the last few years. You think interest in mining will continue in the medium term as the rewards for miners drops off? And if so, will adoption or (would have to be controlled) increases in transaction fees keep the value up?
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 35 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m on my phone, so can’t write much... by my long term goal is to use Bitcoin as a currency... I already do, I have paid for dev services in Bitcoin and been paid in Bitcoin... I’ve also got a debit card that auto converts btc to fiat and then gives me cashback in crypto.
PayPal will accept Bitcoin in 2021, so that opens it up to anything on eBay etc. My boss just bought a property in Dubai with btc... it’s already working as a currency
----------------------------------------------------------------------
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 22 minutes ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m holding and accumulating. This time last year I planned to sell x% at various different milestones.
The pandemic changed all that. The drop was too much not to (eventually) buy into and increase my holdings.
Now it’s a case of trying to figure out what new bench marks I am selling at. I’m not really skilled enough to rely on my own technical analysis, so am relying on that of others.
Long term, it’s a currency, and will be very useful to have a store of coins.
However, Ultimately the plan is to walk away with x amount of $$ to pay off the house, while retaining enough for actual spending and a little rainy day fund.
I almost felt like I was on wallstreetgains on reddit reading the OP 😅
Everyone knows the thing to do was buy bit coin for 27 cents and sell most of em early for around 700-900 dollars 😣😭😭😭
Btw, the last Bitcoin is expected to be mined in about 120 years, so a while away yet!
comment by FootyMcfootfoot (U21853)
posted 4 minutes ago
I almost felt like I was on wallstreetgains on reddit reading the OP 😅
Everyone knows the thing to do was buy bit coin for 27 cents and sell most of em early for around 700-900 dollars 😣😭😭😭
----------------------------------------------------------------------
Had a friend who purchased a bit in 2012 and sold for about £4K a few years ago. Would have been worth nearer 100k now.
Then again, another friend had £89k sat in a share that he paid £5k for in February, and if a current bid for the company goes through it’ll go through the roof.
I have bought 20 altcoins like xrp, chainlink and some others. The majority is on my ledger nano and the others on some exchanges.
When the time is right I will sell and buy some real estate with it.
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 19 minutes ago
comment by £350k Förtnite Skin (U18355)
posted 19 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
Simplistic answer but HODL.
I might sell 20% of my portfolio this time next year if the crypto market cap reaches moonboy price targets.
Ultimately I see BTC being adopted by a number of major players over the next year and basically becoming a world wide currency
----------------------------------------------------------------------
Hold until when? You have an idea about what you expect to happen over the next 18 or 36 mths?
The hash rate has started to look a little more volatile the last few years. You think interest in mining will continue in the medium term as the rewards for miners drops off? And if so, will adoption or (would have to be controlled) increases in transaction fees keep the value up?
----------------------------------------------------------------------
Until the point comes when bit coin has a relatively stable price bracket I think it'll be hard to see it being used as a mainstream currency. Mainstream awareness is def at a point I can't see it going anywhere but the idea of billions of daily micro transactions in satoshis becoming the norm seems a way off, when it swings as widely as it currently does.
Only potential big issue i see is bitcoin is the OG flag bearer of crypto and blockchain tech, and China seems to be borderline monopolising the mining sector. It already seized 1% of bitcoin in one swoop recently. If China can dominate bitcoin to the point it can directly influence the price and availability, it may end up meaning bitcoin won't be the decentralised crypto that's adopted by the mainstream.
Saying that if bitcoin was used just 1% of what visa is bitcoin will shoot way past the moon so I'm not sure it even needs to become a mainstream medium to still soar in value.
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 10 minutes ago
Btw, the last Bitcoin is expected to be mined in about 120 years, so a while away yet!
----------------------------------------------------------------------
Seems weird it will take 120 years to mine the remaining 2.5 million coins. I heard Google new quantum computer could mine all the coins in seconds...again don't quote that as something I'm convinced of myself but there lots of sources online saying something to that effect.
Soon as quantum computer's enter the fray only a few will be able to mine as the difficulty would intentionally spike to a level intended to slow down even quantum computers to 10 min block minimums....that's every 2000 blocks. I'm no computer science expert but does its mean it could take even longer than your time frame if quantum mining enters the fray to early?
comment by The Mane Man (U19731)
posted 1 minute ago
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
----------------------------------------------------------------------
The problem is that if all the investors are thinking like that, and there are few like Ji who intend to spend, rather than seeing it as an investment to eventually cash out on, then it’ll eventually crash, and hard.
People need to starting spending it and spending it and spending it. Otherwise it does.
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 23 minutes ago
Btw, the last Bitcoin is expected to be mined in about 120 years, so a while away yet!
----------------------------------------------------------------------
There’s only around 15% left to be mined though, and it’s getting more and more expensive to extract.
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 8 minutes ago
comment by The Mane Man (U19731)
posted 1 minute ago
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
----------------------------------------------------------------------
The problem is that if all the investors are thinking like that, and there are few like Ji who intend to spend, rather than seeing it as an investment to eventually cash out on, then it’ll eventually crash, and hard.
People need to starting spending it and spending it and spending it. Otherwise it does.
----------------------------------------------------------------------
If Ithe has a use/stability that fiat cannot offer then it's value will remain. With 18.5 million coins out there there would have to be a huge dump for it to crash.
By time Joe blogs cottoned on to bit coin it has been expensive enough to make even people with a room temperature IQ do some research first. Since the recovery I doubt there is to much scared money in bit coin. It's a stable long term investment in the eyes of many. We have relatively stable banks etc but many in the world don't have that luxury.
comment by FootyMcfootfoot (U21853)
posted 1 hour, 51 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 8 minutes ago
comment by The Mane Man (U19731)
posted 1 minute ago
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
----------------------------------------------------------------------
The problem is that if all the investors are thinking like that, and there are few like Ji who intend to spend, rather than seeing it as an investment to eventually cash out on, then it’ll eventually crash, and hard.
People need to starting spending it and spending it and spending it. Otherwise it does.
----------------------------------------------------------------------
If Ithe has a use/stability that fiat cannot offer then it's value will remain. With 18.5 million coins out there there would have to be a huge dump for it to crash.
By time Joe blogs cottoned on to bit coin it has been expensive enough to make even people with a room temperature IQ do some research first. Since the recovery I doubt there is to much scared money in bit coin. It's a stable long term investment in the eyes of many. We have relatively stable banks etc but many in the world don't have that luxury.
----------------------------------------------------------------------
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it: eventually (soon, I would guess) it will need to circulate to generate transaction fees to give new investment in the currency value.
Otherwise it becomes more expensive to mine than the return on the investment, because mining isn’t free and isn’t undertaken for fun. If nobody sees a great value in mining, no blocks get solved, no transactions are confirmed, and, ultimately, the network’s integrity isn’t maintained.
If I were an investor (and I’m not and have never been), I’d be watching the hash rate very carefully.
Ultimately, I think crypto is going to need institutional buy in, and formal legalisation and regulation to survive. My guess would be that within ten years we’ll see central banks start up their own digital currencies. I wouldn’t be surprised if the ECB are first. They’ve been exploring a digital Euro for a while.
If that were to happen, or even look like it was going to grow legs, I’d be cashing out, personally. At the moment, I don’t believe there’s anything preventing nation states or trading blocs from banning the use of any given cryptocurrency. That’s maybe the next (or even first) biggest risk to Bitcoin.
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 hour, 5 minutes ago
comment by FootyMcfootfoot (U21853)
posted 1 hour, 51 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 8 minutes ago
comment by The Mane Man (U19731)
posted 1 minute ago
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
----------------------------------------------------------------------
The problem is that if all the investors are thinking like that, and there are few like Ji who intend to spend, rather than seeing it as an investment to eventually cash out on, then it’ll eventually crash, and hard.
People need to starting spending it and spending it and spending it. Otherwise it does.
----------------------------------------------------------------------
If Ithe has a use/stability that fiat cannot offer then it's value will remain. With 18.5 million coins out there there would have to be a huge dump for it to crash.
By time Joe blogs cottoned on to bit coin it has been expensive enough to make even people with a room temperature IQ do some research first. Since the recovery I doubt there is to much scared money in bit coin. It's a stable long term investment in the eyes of many. We have relatively stable banks etc but many in the world don't have that luxury.
----------------------------------------------------------------------
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it: eventually (soon, I would guess) it will need to circulate to generate transaction fees to give new investment in the currency value.
Otherwise it becomes more expensive to mine than the return on the investment, because mining isn’t free and isn’t undertaken for fun. If nobody sees a great value in mining, no blocks get solved, no transactions are confirmed, and, ultimately, the network’s integrity isn’t maintained.
If I were an investor (and I’m not and have never been), I’d be watching the hash rate very carefully.
Ultimately, I think crypto is going to need institutional buy in, and formal legalisation and regulation to survive. My guess would be that within ten years we’ll see central banks start up their own digital currencies. I wouldn’t be surprised if the ECB are first. They’ve been exploring a digital Euro for a while.
If that were to happen, or even look like it was going to grow legs, I’d be cashing out, personally. At the moment, I don’t believe there’s anything preventing nation states or trading blocs from banning the use of any given cryptocurrency. That’s maybe the next (or even first) biggest risk to Bitcoin.
----------------------------------------------------------------------
I think it's likely bit coin will become the gold standard of the current cryptos through sheer level of exposure.
The fees and transaction times mean people may just become accustomed to using bit coin to hold value but transfering it to other coins to spend it. Pretty simple to do and implement as I think lots of everyday users would utilise broker/exchange
I think a decentralised public ledger is something it's hard to envisage most governments getting behind in terms of a digital euro etc but the frame work could be adjusted to suit I'm sure. Regulation also seems inevitable and necessary after the FCAs handling of one coin.
I started my foray into crypto in 2015, with the launch of Etherium classic. Built my own mining rig for £1500, used it for a few months then sold it for £4500.
Transferred my Etherium Classic to BTC early 2016 when BTC was approx $500.
Actually forgot about them for the last 2 years as they weren't doing much. This thread prompted pe to check and I'm pleasantly surprised with the 1300% increase in my total portfolio value.
Since when?
Bitcoin hit £15,599 two years ago. It hasn't reached that yet.
I bought 5000 stellar lumen about a month ago. That almost tripled in price just over a week ago. Chuffed about that coin reaches £1 or something quids in.
Here's hoping the price of them
comment by Greg- (U1192)
posted 1 second ago
Since when?
Bitcoin hit £15,599 two years ago. It hasn't reached that yet.
I bought 5000 stellar lumen about a month ago. That almost tripled in price just over a week ago. Chuffed about that coin reaches £1 or somethingquids in.
Here's hoping the price of them
----------------------------------------------------------------------
Not sure what happened to that post, doesn't make a lot of sense.
Anyway, here's hoping they reach around a quid a coin in a year or so.
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it
-----------------
Well, that's exactly what's happening now and has for a decade. It is very much like gold in that respect.
A tiny % of gold gets used for anything meaningful, yet it holds value because the market gives it value.
Sign in if you want to comment
Bitcoin just broke it’s all time high
Page 2 of 3
posted on 30/11/20
Would be interested to read some investors’ reasoned long game strategies. Anyone?
posted on 30/11/20
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m on my phone, so can’t write much... by my long term goal is to use Bitcoin as a currency... I already do, I have paid for dev services in Bitcoin and been paid in Bitcoin... I’ve also got a debit card that auto converts btc to fiat and then gives me cashback in crypto.
PayPal will accept Bitcoin in 2021, so that opens it up to anything on eBay etc. My boss just bought a property in Dubai with btc... it’s already working as a currency
posted on 30/11/20
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 1 minute ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m on my phone, so can’t write much... by my long term goal is to use Bitcoin as a currency... I already do, I have paid for dev services in Bitcoin and been paid in Bitcoin... I’ve also got a debit card that auto converts btc to fiat and then gives me cashback in crypto.
PayPal will accept Bitcoin in 2021, so that opens it up to anything on eBay etc. My boss just bought a property in Dubai with btc... it’s already working as a currency
----------------------------------------------------------------------
Was the idea always to buy some coin to eventually use as currency with the expectation that purchasing power would outrun inflation and adoption would see a post-inflationary BTC hold its value?
Or did you pick some up in speculation?
posted on 30/11/20
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
Simplistic answer but HODL.
I might sell 20% of my portfolio this time next year if the crypto market cap reaches moonboy price targets.
Ultimately I see BTC being adopted by a number of major players over the next year and basically becoming a world wide currency
posted on 30/11/20
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 1 minute ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m on my phone, so can’t write much... by my long term goal is to use Bitcoin as a currency... I already do, I have paid for dev services in Bitcoin and been paid in Bitcoin... I’ve also got a debit card that auto converts btc to fiat and then gives me cashback in crypto.
PayPal will accept Bitcoin in 2021, so that opens it up to anything on eBay etc. My boss just bought a property in Dubai with btc... it’s already working as a currency
----------------------------------------------------------------------
Was the idea always to buy some coin to eventually use as currency with the expectation that purchasing power would outrun inflation and adoption would see a post-inflationary BTC hold its value?
Or did you pick some up in speculation?
----------------------------------------------------------------------
To be perfectly honest... it was to buy drugs online!
So I’ve always used it as a currency, since it was $300 a pop.... I would over buy though as it was during the first run, so I also got a taste for the speculation of it.
posted on 30/11/20
I brought a bunch of alt coins and lost most of it
Was going to invest in some bitty earlier this year but the stock market was too damn volatile to miss out, in hindsight I’m glad I did.
I’ll wait for the next collapse and then buy back into it.
posted on 30/11/20
comment by £350k Förtnite Skin (U18355)
posted 19 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
Simplistic answer but HODL.
I might sell 20% of my portfolio this time next year if the crypto market cap reaches moonboy price targets.
Ultimately I see BTC being adopted by a number of major players over the next year and basically becoming a world wide currency
----------------------------------------------------------------------
Hold until when? You have an idea about what you expect to happen over the next 18 or 36 mths?
The hash rate has started to look a little more volatile the last few years. You think interest in mining will continue in the medium term as the rewards for miners drops off? And if so, will adoption or (would have to be controlled) increases in transaction fees keep the value up?
posted on 30/11/20
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 35 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m on my phone, so can’t write much... by my long term goal is to use Bitcoin as a currency... I already do, I have paid for dev services in Bitcoin and been paid in Bitcoin... I’ve also got a debit card that auto converts btc to fiat and then gives me cashback in crypto.
PayPal will accept Bitcoin in 2021, so that opens it up to anything on eBay etc. My boss just bought a property in Dubai with btc... it’s already working as a currency
----------------------------------------------------------------------
posted on 30/11/20
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 22 minutes ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
I’m holding and accumulating. This time last year I planned to sell x% at various different milestones.
The pandemic changed all that. The drop was too much not to (eventually) buy into and increase my holdings.
Now it’s a case of trying to figure out what new bench marks I am selling at. I’m not really skilled enough to rely on my own technical analysis, so am relying on that of others.
Long term, it’s a currency, and will be very useful to have a store of coins.
However, Ultimately the plan is to walk away with x amount of $$ to pay off the house, while retaining enough for actual spending and a little rainy day fund.
posted on 30/11/20
I almost felt like I was on wallstreetgains on reddit reading the OP 😅
Everyone knows the thing to do was buy bit coin for 27 cents and sell most of em early for around 700-900 dollars 😣😭😭😭
posted on 30/11/20
Btw, the last Bitcoin is expected to be mined in about 120 years, so a while away yet!
posted on 30/11/20
comment by FootyMcfootfoot (U21853)
posted 4 minutes ago
I almost felt like I was on wallstreetgains on reddit reading the OP 😅
Everyone knows the thing to do was buy bit coin for 27 cents and sell most of em early for around 700-900 dollars 😣😭😭😭
----------------------------------------------------------------------
Had a friend who purchased a bit in 2012 and sold for about £4K a few years ago. Would have been worth nearer 100k now.
Then again, another friend had £89k sat in a share that he paid £5k for in February, and if a current bid for the company goes through it’ll go through the roof.
posted on 30/11/20
I have bought 20 altcoins like xrp, chainlink and some others. The majority is on my ledger nano and the others on some exchanges.
When the time is right I will sell and buy some real estate with it.
posted on 30/11/20
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 19 minutes ago
comment by £350k Förtnite Skin (U18355)
posted 19 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 minute ago
Would be interested to read some investors’ reasoned long game strategies. Anyone?
----------------------------------------------------------------------
Simplistic answer but HODL.
I might sell 20% of my portfolio this time next year if the crypto market cap reaches moonboy price targets.
Ultimately I see BTC being adopted by a number of major players over the next year and basically becoming a world wide currency
----------------------------------------------------------------------
Hold until when? You have an idea about what you expect to happen over the next 18 or 36 mths?
The hash rate has started to look a little more volatile the last few years. You think interest in mining will continue in the medium term as the rewards for miners drops off? And if so, will adoption or (would have to be controlled) increases in transaction fees keep the value up?
----------------------------------------------------------------------
Until the point comes when bit coin has a relatively stable price bracket I think it'll be hard to see it being used as a mainstream currency. Mainstream awareness is def at a point I can't see it going anywhere but the idea of billions of daily micro transactions in satoshis becoming the norm seems a way off, when it swings as widely as it currently does.
Only potential big issue i see is bitcoin is the OG flag bearer of crypto and blockchain tech, and China seems to be borderline monopolising the mining sector. It already seized 1% of bitcoin in one swoop recently. If China can dominate bitcoin to the point it can directly influence the price and availability, it may end up meaning bitcoin won't be the decentralised crypto that's adopted by the mainstream.
Saying that if bitcoin was used just 1% of what visa is bitcoin will shoot way past the moon so I'm not sure it even needs to become a mainstream medium to still soar in value.
posted on 30/11/20
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
posted on 30/11/20
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 10 minutes ago
Btw, the last Bitcoin is expected to be mined in about 120 years, so a while away yet!
----------------------------------------------------------------------
Seems weird it will take 120 years to mine the remaining 2.5 million coins. I heard Google new quantum computer could mine all the coins in seconds...again don't quote that as something I'm convinced of myself but there lots of sources online saying something to that effect.
Soon as quantum computer's enter the fray only a few will be able to mine as the difficulty would intentionally spike to a level intended to slow down even quantum computers to 10 min block minimums....that's every 2000 blocks. I'm no computer science expert but does its mean it could take even longer than your time frame if quantum mining enters the fray to early?
posted on 30/11/20
comment by The Mane Man (U19731)
posted 1 minute ago
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
----------------------------------------------------------------------
The problem is that if all the investors are thinking like that, and there are few like Ji who intend to spend, rather than seeing it as an investment to eventually cash out on, then it’ll eventually crash, and hard.
People need to starting spending it and spending it and spending it. Otherwise it does.
posted on 30/11/20
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 23 minutes ago
Btw, the last Bitcoin is expected to be mined in about 120 years, so a while away yet!
----------------------------------------------------------------------
There’s only around 15% left to be mined though, and it’s getting more and more expensive to extract.
posted on 30/11/20
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 8 minutes ago
comment by The Mane Man (U19731)
posted 1 minute ago
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
----------------------------------------------------------------------
The problem is that if all the investors are thinking like that, and there are few like Ji who intend to spend, rather than seeing it as an investment to eventually cash out on, then it’ll eventually crash, and hard.
People need to starting spending it and spending it and spending it. Otherwise it does.
----------------------------------------------------------------------
If Ithe has a use/stability that fiat cannot offer then it's value will remain. With 18.5 million coins out there there would have to be a huge dump for it to crash.
By time Joe blogs cottoned on to bit coin it has been expensive enough to make even people with a room temperature IQ do some research first. Since the recovery I doubt there is to much scared money in bit coin. It's a stable long term investment in the eyes of many. We have relatively stable banks etc but many in the world don't have that luxury.
posted on 30/11/20
comment by FootyMcfootfoot (U21853)
posted 1 hour, 51 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 8 minutes ago
comment by The Mane Man (U19731)
posted 1 minute ago
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
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The problem is that if all the investors are thinking like that, and there are few like Ji who intend to spend, rather than seeing it as an investment to eventually cash out on, then it’ll eventually crash, and hard.
People need to starting spending it and spending it and spending it. Otherwise it does.
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If Ithe has a use/stability that fiat cannot offer then it's value will remain. With 18.5 million coins out there there would have to be a huge dump for it to crash.
By time Joe blogs cottoned on to bit coin it has been expensive enough to make even people with a room temperature IQ do some research first. Since the recovery I doubt there is to much scared money in bit coin. It's a stable long term investment in the eyes of many. We have relatively stable banks etc but many in the world don't have that luxury.
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The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it: eventually (soon, I would guess) it will need to circulate to generate transaction fees to give new investment in the currency value.
Otherwise it becomes more expensive to mine than the return on the investment, because mining isn’t free and isn’t undertaken for fun. If nobody sees a great value in mining, no blocks get solved, no transactions are confirmed, and, ultimately, the network’s integrity isn’t maintained.
If I were an investor (and I’m not and have never been), I’d be watching the hash rate very carefully.
Ultimately, I think crypto is going to need institutional buy in, and formal legalisation and regulation to survive. My guess would be that within ten years we’ll see central banks start up their own digital currencies. I wouldn’t be surprised if the ECB are first. They’ve been exploring a digital Euro for a while.
If that were to happen, or even look like it was going to grow legs, I’d be cashing out, personally. At the moment, I don’t believe there’s anything preventing nation states or trading blocs from banning the use of any given cryptocurrency. That’s maybe the next (or even first) biggest risk to Bitcoin.
posted on 30/11/20
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 1 hour, 5 minutes ago
comment by FootyMcfootfoot (U21853)
posted 1 hour, 51 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 8 minutes ago
comment by The Mane Man (U19731)
posted 1 minute ago
I see BTC as a store of value rather than a medium of exchange. It is too slow for transactions and the mining fees are high.
----------------------------------------------------------------------
The problem is that if all the investors are thinking like that, and there are few like Ji who intend to spend, rather than seeing it as an investment to eventually cash out on, then it’ll eventually crash, and hard.
People need to starting spending it and spending it and spending it. Otherwise it does.
----------------------------------------------------------------------
If Ithe has a use/stability that fiat cannot offer then it's value will remain. With 18.5 million coins out there there would have to be a huge dump for it to crash.
By time Joe blogs cottoned on to bit coin it has been expensive enough to make even people with a room temperature IQ do some research first. Since the recovery I doubt there is to much scared money in bit coin. It's a stable long term investment in the eyes of many. We have relatively stable banks etc but many in the world don't have that luxury.
----------------------------------------------------------------------
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it: eventually (soon, I would guess) it will need to circulate to generate transaction fees to give new investment in the currency value.
Otherwise it becomes more expensive to mine than the return on the investment, because mining isn’t free and isn’t undertaken for fun. If nobody sees a great value in mining, no blocks get solved, no transactions are confirmed, and, ultimately, the network’s integrity isn’t maintained.
If I were an investor (and I’m not and have never been), I’d be watching the hash rate very carefully.
Ultimately, I think crypto is going to need institutional buy in, and formal legalisation and regulation to survive. My guess would be that within ten years we’ll see central banks start up their own digital currencies. I wouldn’t be surprised if the ECB are first. They’ve been exploring a digital Euro for a while.
If that were to happen, or even look like it was going to grow legs, I’d be cashing out, personally. At the moment, I don’t believe there’s anything preventing nation states or trading blocs from banning the use of any given cryptocurrency. That’s maybe the next (or even first) biggest risk to Bitcoin.
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I think it's likely bit coin will become the gold standard of the current cryptos through sheer level of exposure.
The fees and transaction times mean people may just become accustomed to using bit coin to hold value but transfering it to other coins to spend it. Pretty simple to do and implement as I think lots of everyday users would utilise broker/exchange
I think a decentralised public ledger is something it's hard to envisage most governments getting behind in terms of a digital euro etc but the frame work could be adjusted to suit I'm sure. Regulation also seems inevitable and necessary after the FCAs handling of one coin.
posted on 30/11/20
I started my foray into crypto in 2015, with the launch of Etherium classic. Built my own mining rig for £1500, used it for a few months then sold it for £4500.
Transferred my Etherium Classic to BTC early 2016 when BTC was approx $500.
Actually forgot about them for the last 2 years as they weren't doing much. This thread prompted pe to check and I'm pleasantly surprised with the 1300% increase in my total portfolio value.
posted on 1/12/20
Since when?
Bitcoin hit £15,599 two years ago. It hasn't reached that yet.
I bought 5000 stellar lumen about a month ago. That almost tripled in price just over a week ago. Chuffed about that coin reaches £1 or something quids in.
Here's hoping the price of them
posted on 1/12/20
comment by Greg- (U1192)
posted 1 second ago
Since when?
Bitcoin hit £15,599 two years ago. It hasn't reached that yet.
I bought 5000 stellar lumen about a month ago. That almost tripled in price just over a week ago. Chuffed about that coin reaches £1 or somethingquids in.
Here's hoping the price of them
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Not sure what happened to that post, doesn't make a lot of sense.
Anyway, here's hoping they reach around a quid a coin in a year or so.
posted on 1/12/20
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it
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Well, that's exactly what's happening now and has for a decade. It is very much like gold in that respect.
A tiny % of gold gets used for anything meaningful, yet it holds value because the market gives it value.
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