BitCoin

Completely off topic!
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Widsa
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Re: BitCoin

Post by Widsa »

Just thought I would drop in to see how the bitcoiners are doing?
Seems the bubble may be bursting?

Glad I stayed out of this one, hope you guys here who invested locked in the profits and had tight stop loss's.
Curious to see how far it will drop?

Reading further into this I cannot understand how people can honestly say this is good to use as currency.
Between the time a price is agreed and the transactions are completed the price/ value could have changed substantially.
You would have to be mad to accept this as payment unless you are dodgy (washing money or cross border smuggling/ drugs etc..) or you are sure the price will rise before you cash out.
The smell of rats is overpowering, look at all the people jumping back into gold again right now as a safe haven.

Just my opinion and good luck to all who decide to dabble, who knows this could be a good opportunity to buy in?
Somebody just back of you while you are fishing is as bad as someone looking over your shoulder while you write a letter to your girl. ~Ernest Hemingway
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maverick
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Re: BitCoin

Post by maverick »

Any investment is long term unless you are day trading. Many traders are making money as the price falls, yes you can make a profit on falling prices even in the share market. So a falling market is just as profitable for many people as is a rising market. As long as there is movement one way or another, profit is possible. But I digress, any investment should be looked at as a 10 year plan. The Bureau of Statistic, as related to me at a training conference, showed that since 1946 house prices have doubled on average every 10 years. Pick any 15 year period since then and house prices and have share market growth. That tells you that any investment is long term, think 10 years.

Easy to highlight a short time frame of downwards trading, but take a 12 month look at the return, even including the recent rise and fall.

You could have bought in 12 months ago at $1,364/BTCc and todays value is $10,198/BTC. So even with the dramatic rise and fall, you have increased your return by 10 times. Nothing else has produced that in the last 12 months. 12 months ago you could have paid for second hand Kingfisher - today you could pay for a fully spec'd AI and have change.

Actually your last comment is a good one - now is potentially a good time to buy.

BTC is not the only Crypto and as I have also invested in USI, my holdings have increased 8 fold since starting.

Hardly dodgy, given many countries are actually looking to make their own Crypto. China banned BTC - because they want to release their own BTC. The ATO have assessed the profits as taxable and ATM machines are available, as is an ATM card.

Email was the most useless thing ever invented, until everyone had a computer, now try living without it.

BTC may change format - Crypto is here. Where the value may lay for retailers is those transacting overseas. No need for currency conversions controlled by Government and Banks, just transfer the crypto and convert back to AUD. Secure payment, no dodgy credit cards. There are benefits with Crypto, there could be losses for investor. Never invest what you can't afford to lose.
Bitcoin 12 months.jpg

But while we are on the investment channel, I hope you haven't got investments in shares in your personal name or Super Funds. How about that, a record loss on the USA stock exchange. Anyone care to explain why? The repercussion will be felt here as well, as they have started to already. Nothing dodgy about the share market though, as that isn't easily manipulated - NOT.
Well past the edge, almost at the point of no return.
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Widsa
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Re: BitCoin

Post by Widsa »

Thanks for the Reply Pete,
I only post out of interest, its been interesting to sit on the sidelines and watch this one.

A couple of points:

In your first paragraph you contradict yourself in a way.
Certainly you can short a position but would anyone short a stock or bitcoin for a 10 year period?
Long term you would be looking to go long correct? The best you can get out of a short is if a stock goes to zero right?
So for long term you need the market to rise.
I disagree that investment needs to be 10 years surely thats not your honest opinion?
Many traders make a good living on short to medium term investment riding the ups and downs, flipping houses etc...
No doubt a mixture of short, medium and long over diversified markets is ideal.

Your second point: If you jumped in 12 months ago you would still be up, yep I agree there also but what if you jumped in 1 month ago like many have?
If a share loses 50% value it has to increase 100% to make it back to the same level, much harder.

Of course we all have shares invested in our super and I do have personal shares invested (I would rather have shares in a tangible asset like a company than crypto).
The US market has had record falls in the last couple of days, true but it has also had record gains and it cant keep going up without a correction.
It will be Interesting to see how big the correction is but you cant compare the Dow Jones to bitcoin in this aspect, its apples and space dust.
Bitcoin has dropped below the 200 EMA now which is a really bad sign going by traditional markets, bitcoin is not your traditional market though so who knows?

The worrying signs for me are the major credit card companies banning the use of their cards to purchase crypto.
Facebook banning the advertising of crypto.
China banning the advertising of crypto within their "great firewall"
Constant hacks and scams going on.
Previous Bubbles and similarity to the Dot com bubble.
The fact there is no regulation (people spout this as a bonus but really?)
Bogus trading houses and Ponzy schemes linked to Bitcoin.
Like I said I smell a rat here Pete.

Enjoy the ride and I sincerely hope you kick ass and make heaps of cash, I will be either left behind :( or happy I invested my hard earned elsewhere :yahoo: .
Like you say nothing is 100% safe and its all a gamble at the end of the day.

Widsa.
Somebody just back of you while you are fishing is as bad as someone looking over your shoulder while you write a letter to your girl. ~Ernest Hemingway
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maverick
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Re: BitCoin

Post by maverick »

So many replies, so little time.

Your opinion is your opinion, won't change that. Time will tell, as to how long that, no one knows.
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Re: BitCoin

Post by cobby »

The bonus to no regulations are the potential huge increases in a very short timeframe. But it's also a downside as those huge increases can quickly become substantial losses. Where as a regulated investment can peak and trough dramatically in a short timeframe, it's still nowhere to the scale a crypto or any other unregulated investment can move.

I had bitcoin many many years ago, way back when its only real use was on silk road. Once that was done over it stagnated and was essentially forgotten about so I got out of it with a small profit (mostly thanks to trading with those who used silk road). Little shattered if I held onto it I had enough without further mining to buy 600 fully specced AI's at peak value, but meh thems the breaks
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Widsa
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Re: BitCoin

Post by Widsa »

cobby wrote:The bonus to no regulations are the potential huge increases in a very short timeframe. But it's also a downside as those huge increases can quickly become substantial losses. Where as a regulated investment can peak and trough dramatically in a short timeframe, it's still nowhere to the scale a crypto or any other unregulated investment can move.

I had bitcoin many many years ago, way back when its only real use was on silk road. Once that was done over it stagnated and was essentially forgotten about so I got out of it with a small profit (mostly thanks to trading with those who used silk road). Little shattered if I held onto it I had enough without further mining to buy 600 fully specced AI's at peak value, but meh thems the breaks
Bummer you let them go, but that's life hey?
How about the guy who bought a pizza with 10,000 bitcoins in 2010.
These would have been worth nearly 200 million USD a month ago. :shock:

Hate to be that guy.
Somebody just back of you while you are fishing is as bad as someone looking over your shoulder while you write a letter to your girl. ~Ernest Hemingway
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Galey
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Re: BitCoin

Post by Galey »

It's all very complicated, which is why I stick to cash, cards or cans.
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mingle
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Re: BitCoin

Post by mingle »

Like most investment it's a matter of assessing risk...

We bought into crypto as the hype was just going mainstream, back in July 2017.

After two weeks our initial investment was down by 50% and I was a little pissed-off to say the least!

Just over a month later, it was up over 600%. We cashed out our initial investment and pumped that back into blue-chip shares. The rest we left in.

Now, the six-figure sum we had left in the crypto market (I tend to think of it as 'play money', since it came from nothing!) is down by around 50%.

We 'invested' in a range of different coins and ICOs, mostly in the top 20 and believe that most (hopefully, all!) will rise again. How long that will take is anyone's guess.

If I'd cashed out at the peak of the completely unsustainable rise of late 2017 I'd be a millionaire now, but hindsight is a wonderful thing, eh?

The first rule of investing: Never invest more than you're prepared to lose!

Cheers,

Mike.
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Re: BitCoin

Post by maverick »

mmmmm, $63,480/bitcoin and rising :yahoo: :yahoo: :yahoo: Not what I have made - just for clarification
Last edited by maverick on 17 Feb 2021, 15:18, edited 1 time in total.
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Re: BitCoin

Post by 4liters »

I made $80 on Doge Coin when Musk was pumping it up the other week

that's my story
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