BitCoin

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Fish Grylls
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Re: BitCoin

Post by Fish Grylls »

Interesting article in The Age today

http://www.theage.com.au/business/marke ... y7sok.html

Love the comment, that currently it is a solution looking for a problem.

I would be careful investing in crypto as with all the hype and new ICO's the bubble has to burst at some stage.
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Smish
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Re: BitCoin

Post by Smish »

Block chain technology will change the way we do transactions in the future - no doubt... However Bitcoin isn't the only crypto currency concept out there, think of it more as a technology asset so if you plan on investing keep in mind that technologies become obsolete.
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Re: BitCoin

Post by Steve_R »

My son-in-law told me he tried mining using his high-spec computers (i.e. not specialised mining hardware). His calculations revealed he was spending more on electricity than he gained. I forgot to ask 'before solar or after solar'.
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Re: BitCoin

Post by maverick »

I would be careful investing in crypto as with all the hype and new ICO's the bubble has to burst at some stage.
and for the 15 years I have been Finance Broker I am still waiting for the housing bubble to burst.

I have no doubt there will be corrections to both of them, as there are with any investments, time will tell if, when and to what degree.
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maverick
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Re: BitCoin

Post by maverick »

Labor senator Sam Dastyari and Liberal senator Jane Hume have pushed for the Reserve Bank of Australia (RBA) to “embrace bitcoins as an official form of currency,” the Sydney Morning Herald reported on Tuesday. Dastyari represents Australia’s largest State, New South Wales. Hume represents Victoria, the most densely-populated and second most populous state.

Without embracing bitcoin, Australia risks the future competitiveness its financial services industry worth $145 billion a year, the publication detailed, and quoted Dastyari saying:

This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions. What we want to do here in Parliament is to create the political environment to allow that leap to occur.


Full story:


https://news.bitcoin.com/australian-sen ... -currency/
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Fish Grylls
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Re: BitCoin

Post by Fish Grylls »

maverick wrote:
I would be careful investing in crypto as with all the hype and new ICO's the bubble has to burst at some stage.
and for the 15 years I have been Finance Broker I am still waiting for the housing bubble to burst.

I have no doubt there will be corrections to both of them, as there are with any investments, time will tell if, when and to what degree.
I don't know if you can compare the housing market to the crypto market. There will always be a strong underlying demand for housing. If anything there will be a 'correction' not a bubble burst. Not too surprised that it has not corrected yet with all the Asian money coming in and Australia's population continuing to increase. Even by the time I finish typing this post there will be several more humans that will eventually be looking for property.

I've got a bit of experience playing around with shares, running an SMSF for over 25 years, personal shares, phases of playing with penny dreadfuls, day trading etc.

I have seen a few busts over this time, that includes the tech wreck, rare earth and graphite.

There was a mad scramble during the tech boom to start up with any idea they could put an 'e-' In front of being the next best thing. The bubble burst big time, some of the players survived and have gone to better things but the majority have disappeared.

The crypto market seems to be entering a similar phase to the tech boom. According to the quote in the above "The Age' article..... that there is at least one new crypto ICO per day. Something has to give.......

Good luck if are in it, but tread warily
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mingle
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Re: BitCoin

Post by mingle »

It certainly has the potential for a decent crash - the amount of interest that crypt0 in general has been getting is verging on crazy.

A lot of the interest stems from the stories of people who got into it a few years ago and have since made 100x, 500x or even 1000x their initial investments.

There are certainly a lot of parallels to the tech boom - the massive jump in the number of ICOs is one big thing - but the one bright light is that the underlying
technology is new and revolutionary. That's not to say that a lot of the recent startups will last the distance.

What will the trigger by for the (inevitable) correction in the cryptocurrency market? Impossible to say, it could happen on the back of any new GFC, it could be when one of the bigger currencies or exchanges gets hacked, it could be that governments crack down on (or over-regulate) the market.

In the meantime, if you're wary, have a sound investment strategy (make sure you have clear stop-losses, etc) and do you research, there is still profit to be made. Perhaps not the short-term 10x, 20x or 50x gains of recent years, but doubling your money in a few months is quite possible.

If only I'd had the foresight to splash 10 grand on BitCoin 5 years ago - I'd have my own tropical island by now!

Cheers,

Mike.
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Re: BitCoin

Post by fisho79 »

maverick wrote:Anyone want to know more about it?
I wish i got into it early ... what a ride that would have been. Tempted to put down a bit of throw away money on something trying to enter the space and see where it goes. Need to sit down one day and investigate it properly.
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Smish
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Re: BitCoin

Post by Smish »

Had to laugh at this one.

http://cs.stanford.edu/people/eroberts/ ... index.html

"Bitcoins Cannot be Stolen

Bitcoins’ ownership address can only be changed by the owner. No one can steal Bitcoins unless they have physical access to a user’s computer, and they send the bitcoins to their account. Unlike conventional currency systems, where only a few authentication details are required to gain access to finances, this system requires physical access, which makes it much harder to steal."

Hmmm... so instead of the crooks holding up a bank they come to your house and put a gun to your head???

Keep in mind the whole point of bitcoin transactions is that they can't be traced so once the gangster does the transfer *poof* the money is gone and the authorities wont be able to do a thing about it - easy money indeed. :twisted:
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Re: BitCoin

Post by maverick »

BitCoin transaction can't be traced, but transacting money into or out of bitcoin can be. New accounts have to go through the AML & CTF process, the same as if you walked into a bank to open a new account. It is no different to cash. Cash transaction can't be traced either, it is only when the want to either withdraw cash to pay some someone cash or deposit cash that you have received from someone that it becomes traceable.

The previous link to the book about BitCoin is a great place to learn.
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