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Rogerborg
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PostPosted: 09:40 - 07 Dec 2017    Post subject: Reply with quote

Spikenipple wrote:
Made $200 in my sleep on IOTA last night. Not a bad investment really.

Oh, you cashed out?
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Ste
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PostPosted: 16:24 - 07 Dec 2017    Post subject: Reply with quote

Nicehash an inside job?

https://www.reddit.com/r/NiceHash/comments/7i0s6o/official_press_release_statement_by_nicehash/dqvaq8x/

The wallet with the stolen coins:

https://blockchain.info/address/1EnJHhq8Jq8vDuZA5ahVh6H4t6jh1mB4rq
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dydey90
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PostPosted: 16:59 - 07 Dec 2017    Post subject: Reply with quote

Got myself some bitcoinage, with the aim of transferring it over to IOTA as soon as it's cleared.

Price instantly dropped 400 as soon as I bought it. Brick Wall
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The Artist
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PostPosted: 23:01 - 07 Dec 2017    Post subject: Reply with quote

dydey90 wrote:
Got myself some bitcoinage, with the aim of transferring it over to IOTA as soon as it's cleared.

Price instantly dropped 400 as soon as I bought it. Brick Wall


Bitcoin dropped 400? That is like 3%.

Get ready for the 20% drops in a day. Laughing Even more with the alts.
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Pjay
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PostPosted: 00:11 - 08 Dec 2017    Post subject: Reply with quote

dydey90 wrote:
Got myself some bitcoinage, with the aim of transferring it over to IOTA as soon as it's cleared.

Price instantly dropped 400 as soon as I bought it. Brick Wall


You should have purchased ETH if you planned on buying IOTA with it, as the costs of moving it to an exchange is lower and you can buy IOTA with ETH.

Bit late now, but if you do it again, always move in ETH or LTC.
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dydey90
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PostPosted: 06:48 - 08 Dec 2017    Post subject: Reply with quote

What's going on here? TerraNova went from $1.50 to $15,000 in four days. I wish I'd had my eggs in that basket.

https://www.coingecko.com/en/price_charts/terranova/usd#panel
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The Artist
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PostPosted: 07:49 - 08 Dec 2017    Post subject: Reply with quote

dydey90 wrote:
What's going on here? TerraNova went from $1.50 to $15,000 in four days. I wish I'd had my eggs in that basket.

https://www.coingecko.com/en/price_charts/terranova/usd#panel


At the time, there was probably no liquidity.

Don't know the history but likely you would not have been able to actually sell at those prices.
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Rogerborg
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PostPosted: 07:57 - 08 Dec 2017    Post subject: Reply with quote

Please to remember that these magic currencies are not being used to drive growth or create anything real, so all of the money being "made" on them is going to come out of some mug's pocket.

If you buy in now, you are liable to be that mug.
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The Artist
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PostPosted: 08:57 - 08 Dec 2017    Post subject: Reply with quote

Rogerborg wrote:
Please to remember that these magic currencies are not being used to drive growth or create anything real, so all of the money being "made" on them is going to come out of some mug's pocket.

If you buy in now, you are liable to be that mug.


True but people have been saying that since they were worth almost nothing.

In other words.....GAMBLE!!!!
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Rogerborg
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PostPosted: 09:26 - 08 Dec 2017    Post subject: Reply with quote

Only gamble what you can afford to lose.

At the moment most people are still buying in rather than selling out. You can tell this because the price keeps rising, and rising sharply, beyond the costs of mining. It reflects what people have to date spent on bitcoin, rather than what they've recouped.

That means that most speculators haven't actually realised any profit yet. They will only do that when they cash out, or spend their magic money on prozzies and blow.

It's not going to take much cashing out to trigger a run. Do you reckon that you'll be able to bail out 5 minutes before that happens?
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Biking is 1/20th as dangerous as horse riding.
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MarJay
But it's British!



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PostPosted: 09:59 - 08 Dec 2017    Post subject: Reply with quote

Rogerborg wrote:
Only gamble what you can afford to lose.

At the moment most people are still buying in rather than selling out. You can tell this because the price keeps rising, and rising sharply, beyond the costs of mining. It reflects what people have to date spent on bitcoin, rather than what they've recouped.

That means that most speculators haven't actually realised any profit yet. They will only do that when they cash out, or spend their magic money on prozzies and blow.

It's not going to take much cashing out to trigger a run. Do you reckon that you'll be able to bail out 5 minutes before that happens?


If the Winklevoss twins ever cash out, we're in trouble.
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Rogerborg
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PostPosted: 10:36 - 08 Dec 2017    Post subject: Reply with quote

When the smart money cashes out, those who get their stock tips by reading about it in on Yahoo! news are going to be the ones who stump up to make them billionaires-in-fact.
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The Artist
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PostPosted: 11:06 - 08 Dec 2017    Post subject: Reply with quote

Rogerborg wrote:
Only gamble what you can afford to lose.

At the moment most people are still buying in rather than selling out. You can tell this because the price keeps rising, and rising sharply, beyond the costs of mining. It reflects what people have to date spent on bitcoin, rather than what they've recouped.

That means that most speculators haven't actually realised any profit yet. They will only do that when they cash out, or spend their magic money on prozzies and blow.

It's not going to take much cashing out to trigger a run. Do you reckon that you'll be able to bail out 5 minutes before that happens?


Of course, anyone involved needs to be aware that their "investment" could be worth zero at a moments notice.

The price doesn't reflect what people have put in at all. It is just a value that marks the current crossover between the buys and sells of orderbooks.

If the market cap grows by $Xb, it doesn't mean $Xb of fiat money was put in, just that the current spot price * coins in circulation. Same when the price goes down. It takes significantly less than X to move the market cap by X.

All good fun though. Just don't go borrowing money to buy crypto. Laughing
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TbirdX
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PostPosted: 11:13 - 08 Dec 2017    Post subject: Reply with quote

Why are Fiat putting money into it? No wonder they go broke every few years.

I bought in at around 7000 so looking fairly good at the moment.

This time next year I'll be a millionaire.......probably.

If not, I can afford to lose the tenner I staked Wink
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Rogerborg
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PostPosted: 12:08 - 08 Dec 2017    Post subject: Reply with quote

The Artist wrote:
The price doesn't reflect what people have put in at all. It is just a value that marks the current crossover between the buys and sells of orderbooks.

Cheerfully corrected, that was badly worded.

I shouldn't have implied that people have put $268,000,000,000 in (lulz), but I stick by the point that the sharp price rises reflect that money is being sunk in rather than cashed out.

The good news is that if you already have bitcoins you probably could cash out today at more or less the notional value.

The bad news is that cashing out tomorrow is entirely dependent on an ongoing stream of dumb money flowing in.

I know that applies to any traded commodity, but the only thing backing bitcoin is the collectively irrational belief by everyone buying in that they'll get to be a scalper rather than a scalpee.
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The Artist
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PostPosted: 12:21 - 08 Dec 2017    Post subject: Reply with quote

Rogerborg wrote:
The bad news is that cashing out tomorrow is entirely dependent on an ongoing stream of dumb money flowing in.

I know that applies to any traded commodity, but the only thing backing bitcoin is the collectively irrational belief by everyone buying in that they'll get to be a scalper rather than a scalpee.


Like most other currencies. Currencies are just IOU's written by governments effectively.

I get that you think it's all dumb money but I would like to know at what point you will think BTC and other crypto's are legitimate currencies? BTC is currently $260b market cap. $500b? $1t?
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Rogerborg
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PostPosted: 12:43 - 08 Dec 2017    Post subject: Reply with quote

The Artist wrote:
legitimate currencies

There's the crux, they're mostly fiat (does anyone still back their currency with tangibles?)

I guess we can say that crypto currency is legit at the point where people start enforcing the value by force. If you try to get off the petrodollar, you get Regime Stabilised. Maybe the Russki mob will start to make offers in bitcoins that you can't refuse. Thinking
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B5234FT
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PostPosted: 12:44 - 08 Dec 2017    Post subject: Reply with quote

Are people generally buying in for the long haul, or has anyone found a decent platform for short term trades on BTC?

With the volatility in the market there is money to be made, but it depends on the fee structure and many hide a hidden fee in shitty transaction exchange rates.

Anyone found a good platform?
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Minty
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PostPosted: 14:30 - 08 Dec 2017    Post subject: Reply with quote

Ok,, transpires I have 0.00280299 bitcoins left in my wallet. I'M RICH, RICH BEYOND MY WILDEST DREAMS!!!!

Can I get a Kit Kat with that?
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Ste
Not Work Safe



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PostPosted: 14:42 - 08 Dec 2017    Post subject: Reply with quote

Minty wrote:
Ok,, transpires I have 0.00280299 bitcoins left in my wallet. I'M RICH, RICH BEYOND MY WILDEST DREAMS!!!!

Can I get a Kit Kat with that?

I'll sell you two kitkats for that much. Mr. Green
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Minty
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PostPosted: 14:48 - 08 Dec 2017    Post subject: Reply with quote

You want?

What's it worth - a rainpal?
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Ste
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PostPosted: 14:58 - 08 Dec 2017    Post subject: Reply with quote

https://www.google.co.uk/search?q=0.00280299+bitcoins+in+
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Minty
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PostPosted: 14:59 - 08 Dec 2017    Post subject: Reply with quote

Ste wrote:
https://www.google.co.uk/search?q=0.00280299+bitcoins+in+


Sweet, thanks. So - a hand job?
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Ste
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PostPosted: 15:01 - 08 Dec 2017    Post subject: Reply with quote

No.

Two kitkats.
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vice
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PostPosted: 15:05 - 08 Dec 2017    Post subject: Reply with quote

https://www.howtocookthat.net/public_html/wp-content/uploads/2014/07/IMG_2223-550x412.jpg
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