BITCOIN as an alternative to regular currency

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Shardhhajain23
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Bitcoins are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money.

Once you own bitcoins, they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years. Bitcoins are traded from one personal 'wallet' to another.
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ShaunWhite
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Aside from crypto being utterly impractical, the idea that institutions and governments will give up control of the flow of money is pure fantasy. When in the course of history has anyone ever given up an advantageous situation without a fight? The powers that be won't even assure equality of opportunity within the current system. Crypto fans seem to be economic and technological idealists rather than students of history, politics or human nature.

Crypto is in essence the same fiscal framework as was being promoted by the Anarchist parties in the 1970s....that did well didn't it.
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Euler
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Today's Low - $7,016.53
Zenyatta
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Euler wrote:
Thu Mar 29, 2018 10:28 pm
Today's Low - $7,016.53
Well, prices had actually recovered somewhat for a couple of months there, but now it's deflated back to the earlier lows again (heading to $6K again). I think that last spike was probably it's 'last gasp' and it's all down-hill from here. This time the whole crypto-currency market is deflating as well and all the other alt-coins are taking an even worse beating.

https://coinmarketcap.com/
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wearthefoxhat
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It's highly likely the price will remain low/lower due to 2 factors I'm aware of;

1. The Mount Gox trustee selling 200,000+ bitcoin to pay off creditors. (recently halted until September as the market continued to drop, they want better prices)

2. The Bulgarian government selling off their seized 200,000+ bitcoin to pay off 20-25% of their national debt.

No doubt increasing regulation (a good thing overall) will impact new ICO's in the short/mid term.

Once all this gets rinsed through, then buying back in, is a fair strategy. Just a question of monitoring events.
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Euler
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‘Bitcoin whales’ control third of market with $37.5bn holdings

Wealth in nascent cryptocurrency concentrated in mystery group of 1,600 investors

https://www.ft.com/content/c4b68aec-6b2 ... 230fa67aec

Data from Chainalysis, a blockchain research company, seen by the Financial Times showed that in April this year, there were some 1,600 bitcoin “wallets” — the digital stores held by individual users — containing at least 1,000 bitcoin each.

Just under 100 wallets contained between 10,000 and 100,000 bitcoin, roughly worth between $75m and $750m at today’s prices.

That the bitcoin market is so tightly held stands at odds with bitcoin’s mission to democratise finance by setting up an alternative monetary systemfree of central bank control and open to all. It also brings risks for smaller speculators.

However, by April 2018, the data showed the amount held by long-term investors, at about 6m bitcoin, was much closer to matching the amount held by short-term speculators, with 5.1m bitcoin.

Chainalysis estimated that many longer-term holders sold at least $30bn worth of bitcoin to new speculators over the December to April period, with half of this movement taking place in December alone.

“This was an exceptional transfer of wealth and conditions for it to occur again are unlikely to form again soon,” said Mr Gradwell.

Experts also warn there are opportunities particularly for larger players to engage in market manipulation owing to the lack of regulation and the existence of informal over-the-counter markets.

“A number of these larger holders do communicate with each other, they know [each other], they take stock of market activity,” said Dr Garrick Hileman, head of research at Blockchain and co-founder of Mosaic.io, a platform for market intelligence on crypto.
Zenyatta
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$6K threshold finally breached, let's see how far it can fall...
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Euler
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Location: Bet Angel HQ

Feel significant that it couldn't hold above $6k
Ginger8585
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Euler wrote:
Sat Jun 09, 2018 8:33 am
‘Bitcoin whales’ control third of market with $37.5bn holdings

Wealth in nascent cryptocurrency concentrated in mystery group of 1,600 investors

https://www.ft.com/content/c4b68aec-6b2 ... 230fa67aec

Data from Chainalysis, a blockchain research company, seen by the Financial Times showed that in April this year, there were some 1,600 bitcoin “wallets” — the digital stores held by individual users — containing at least 1,000 bitcoin each.

Just under 100 wallets contained between 10,000 and 100,000 bitcoin, roughly worth between $75m and $750m at today’s prices.

That the bitcoin market is so tightly held stands at odds with bitcoin’s mission to democratise finance by setting up an alternative monetary systemfree of central bank control and open to all. It also brings risks for smaller speculators.

However, by April 2018, the data showed the amount held by long-term investors, at about 6m bitcoin, was much closer to matching the amount held by short-term speculators, with 5.1m bitcoin.

Chainalysis estimated that many longer-term holders sold at least $30bn worth of bitcoin to new speculators over the December to April period, with half of this movement taking place in December alone.

“This was an exceptional transfer of wealth and conditions for it to occur again are unlikely to form again soon,” said Mr Gradwell.

Experts also warn there are opportunities particularly for larger players to engage in market manipulation owing to the lack of regulation and the existence of informal over-the-counter markets.

“A number of these larger holders do communicate with each other, they know [each other], they take stock of market activity,” said Dr Garrick Hileman, head of research at Blockchain and co-founder of Mosaic.io, a platform for market intelligence on crypto.

Im currently setting up a brokerage/pool service and we have been involved in the OTC side of things... there is ALOT of very large transactions going on the behind the scenes. unfortunately its only retail invetsors who seem to drive the price at the moment and they havent the liquidity or the sentiment to drive it the direction we need/want.

and theres definitley massive manipulation going on to supress the price whilst this accumatltion takes place. interestingly just enough to keep it above mining costs.

G20 said regs due in Q2... cant wait, desperately needed
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Euler
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The Prophets of Cryptocurrency Survey the Boom and Bust

Inside the ongoing argument over whether Bitcoin, Ethereum, and the blockchain are transforming the world.

https://www.newyorker.com/magazine/2018 ... m-and-bust
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wearthefoxhat
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Euler wrote:
Sun Oct 21, 2018 10:05 am
The Prophets of Cryptocurrency Survey the Boom and Bust

Inside the ongoing argument over whether Bitcoin, Ethereum, and the blockchain are transforming the world.

https://www.newyorker.com/magazine/2018 ... m-and-bust
Thanks for link.

I got into Bitcoin more for the "investment" reasons rather than how to use it as an alternative to fiat currency. That would of been a by-product if the rise had continued in the same way it did in 2017. :roll:

I have a 1000 day mining contract where the mining warehouse is based in Iceland-Reykavik. Even though it's mining "dust" on a daily basis, its' success is underpinned on how high the Bitcoin ends up on the 1000th day. I have projected the figures based on it's current mining performance and if the Bitcoin price is the same as it was on the day the contract was agreed, then the initial investment doubles. (subject to capital gains tax).

I don't have any plans to travel the world using Bitcoin as my understanding on how to use it daily is limited, when I get to cash out the contract, the rules and regulations may have changed again!
ec0n0mist
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I'm surprised it's so muted in this corner given that a very significant support level for BTC just got breached.
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PDC
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There goes $5,000 and taking Nvidia with it, I hope Euler got out while the going was good as the last week or so has been brutal.

Management at Nvidia has screwed up, inventory is in a mess, built up 70% in the last 9 months, revenue decline expected next quarter, woof!
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Naffman
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The furry animals tipping advice is almost as good as his share/crypto tips :P

Think he'll be licking his paws after doing his nuts in the crypto exchange Digitex :P
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Euler
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PDC wrote:
Mon Nov 19, 2018 7:06 pm
There goes $5,000 and taking Nvidia with it, I hope Euler got out while the going was good as the last week or so has been brutal.

Management at Nvidia has screwed up, inventory is in a mess, built up 70% in the last 9 months, revenue decline expected next quarter, woof!
I always sell into strength. The future is inheritably uncertain so why not sell when everybody wants to buy. ;)

I'm a deep contrarian, but the only problem with that is if somebody shouts 'fire' I'd probably run towards it!!!!
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