Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[bergeroo]

Who got in early on Bitcoin and who is suffering from Bitcoin regret?

Who got in early on Ethereum and who is suffering from Ethereum regret?

What is the next Altcoin to blow up and grow massively?

Who has no idea what I'm talking about???!

[lucky_scrote]

If you're in today then you're early. For anyone who is suffering with regret from not being involved yet then the next couple of weeks are a good time to do it. Lots of very important news is coming this month and therefore a lot of early investors are selling as well as newer investors being apprehensive about buying, therefore I think the price of most coins won't change a lot for a month. It doesn't take long to learn how to invest and there is plenty of information on the internet.

For me Bitcoin is always king and I will always have a lot of my portfolio weighted around this (about 50%). Initially I was invested in Ethereum pretty deep too and whilst it will always do well I just think that with the potential of so many other alt coins, that ethereum isn't that far ahead of the game anymore.

I've spread the rest of my portfolio between 5 other alt coins which are Antshares (NEO), stratis, waves, gamecredits and monaco (new, just hit the market). Also punted on another ICO but that's all it is, a punt.

I don't know a heap about all of these coins although I would say I'm best informed on BTC ETH GAME and monaco.

I'm interested to see how much action this thread gets, I imagine to begin with very little but by the end of the year it will pick up some traction .

[RED-DOG]

I sort of know what you're talking about but I need the concept of bitcoin explaining to me 5yo stylee.

If I bought one, or part of one, what would I get?

Who says how many there are?

Why can't they be forged?

Can they be stolen/confiscated?

[Doobs]

You are all doomed.

Even the old farts were getting excitable in Vegas.

[bergeroo]

I found out that a relative of mine is the co-founder of LISK, which is an altcoin based on Berlin. Pretty cool!

[lucky_scrote]

I sort of know what you're talking about but I need the concept of bitcoin explaining to me 5yo stylee.

If I bought one, or part of one, what would I get?

Who says how many there are?

Why can't they be forged?

Can they be stolen/confiscated?

I sort of know what you're talking about but I need the concept of bitcoin explaining to me 5yo stylee.

https://www.youtube.com/watch?v=l1si5ZWLgy0&app=desktop

This is the best video out there to help explain bitcoin to newbies

If I bought one, or part of one, what would I get?

You would own some bitcoin


Who says how many there are?

The pre-determined algorithms

Why can't they be forged?

Because the information on the blockchain (where all the information is stored) is shared among all bitcoin users, it is timestamped too so any forged bitcoin would automatically be rejected.

Can they be stolen/confiscated?

Oh yes. Just like money in other forms. The safest way is to store it "cold" or offline on a ledger that is not connected to the internet. A bit like putting money under your mattress but even safer. You can store it online with wallets or on an exchange but this is riskier since it is pretty much unregulated at the moment.

I am not the best at explaining this subject as I am by no means an expert.

[bergeroo]

If you're in today then you're early. For anyone who is suffering with regret from not being involved yet then the next couple of weeks are a good time to do it. Lots of very important news is coming this month and therefore a lot of early investors are selling as well as newer investors being apprehensive about buying, therefore I think the price of most coins won't change a lot for a month. It doesn't take long to learn how to invest and there is plenty of information on the internet.

For me Bitcoin is always king and I will always have a lot of my portfolio weighted around this (about 50%). Initially I was invested in Ethereum pretty deep too and whilst it will always do well I just think that with the potential of so many other alt coins, that ethereum isn't that far ahead of the game anymore.

I've spread the rest of my portfolio between 5 other alt coins which are Antshares (NEO), stratis, waves, gamecredits and monaco (new, just hit the market). Also punted on another ICO but that's all it is, a punt.

I don't know a heap about all of these coins although I would say I'm best informed on BTC ETH GAME and monaco.

I'm interested to see how much action this thread gets, I imagine to begin with very little but by the end of the year it will pick up some traction .

Yeah I've had a bit of bitcoin for ages and play poker with it, but I've decided that I don't want to have altcoin regret so I'm going to spread around a bit of money and hope a few more take off.

What method do you use to buy/sell/trade? There are a number of exchanges like Polonex, Bitrex, Kraken

[lucky_scrote]

What method do you use to buy/sell/trade? There are a number of exchanges like Polonex, Bitrex, Kraken

Yeh I use those exchanges, they are the most trustworthy and reliable IMO.

[DungBeetle]

I've never really understood this - just seems like a punt on a bubble with no underlying.  Sterling and Bitcoin are both determined by market sentiment I suppose but if pound gets annihilated against all other currencies I can still go and buy UK produce.  If Bitcoin gets destroyed I can't use it for anything?

[bergeroo]

I've never really understood this - just seems like a punt on a bubble with no underlying.  Sterling and Bitcoin are both determined by market sentiment I suppose but if pound gets annihilated against all other currencies I can still go and buy UK produce.  If Bitcoin gets destroyed I can't use it for anything?

If a hard currency did collapse then the money you've saved would also become worth a lot less or worthless. Would be hyper inflation, the currency would be devalued, You'd be taking a suitcase of fivers for a few pints. See Germany early 1920s, Zimbabwe 2008.

[DungBeetle]

I've never really understood this - just seems like a punt on a bubble with no underlying.  Sterling and Bitcoin are both determined by market sentiment I suppose but if pound gets annihilated against all other currencies I can still go and buy UK produce.  If Bitcoin gets destroyed I can't use it for anything?

If a hard currency did collapse then the money you've saved would also become worth a lot less or worthless. Would be hyper inflation, the currency would be devalued, You'd be taking a suitcase of fivers for a few pints. See Germany early 1920s, Zimbabwe 2008.

If my currency devalued then it is because there is no demand for it.  Why would that cause domestic hyperinflation?  The reason for hyperinflation would be if the original cause of the devaluation was printing money like a bandit hence making it unattractive which was the cause of both incidents you mention.  The pound has almost halved against the Dollar the last decade and domestic inflation in U.K. has been non existent.

[neeko]

My two favourite crypto currency factoids:

If you had bought bitcoin using the the biggest exchange at the beginning - you would have nothing as it went tits up and they all vanished. https://en.m.wikipedia.org/wiki/Mt._Gox

Etherium mining uses more electricity that Cyprus.  http://uk.businessinsider.com/ethereum-cryptocurrency-electricity-usage-bitcoin-2017-6?r=US&IR=T

[DungBeetle]

To put my original question another way my currency can be effected by all sorts of things.  Demand, economic performance, government being a bellend etc.  Seems to me a bitcoin is only impacted by demand.  There is nothing else behind it?  Or is it wrong to think of it as a currency and it is more a commodity?  But even then golf is physical and makes pretty bling.  Apart from hype and bubble like behaviour I don't understand what gives bitcoin it's currently high value apart from the asset bubble it occupies.  I must be missing something!

[Cavey007]

http://blondepoker.com/forum/index.php?topic=67602.0

Not completely related to this post, but that was my position.

I now have £870 worth of Bitcoin and Eth, about 0.2 of a Bit and 2 and a bit Eth (Everything i've read on Eth suggests that it might overtake Bit as the main currency someday, whether that's because Bit crashes or this rises, I don't know, was up to 330 a coin a few weeks back iirc). Then i've got 150,000 Redd still. Which haven't done too well recently. But considering it started from about £20-40 quid a few years back It's gone well. I bought the laptop i'm writing this on with Bitcoin from aria, and have also sorted a couple of amazon giftcards from somewhere online which got us a few presents for random kids birthday parties from my daughters school.

The point of Bitcoin is that it's decentralised, it seems that people seem to consider it like Gold in that whatever happens to the local markets there will always be a value to it. There's a finite amount of Bitcoin available and it's harder and harder to mine them, so it's a limited currency.

I believe the latest bubble was because of Japan listing it as an official currency (?) Or something similar to that

[Cavey007]

I've been using Coinbase since I moved my Redd into Bit, and it's fine for transfers etc... But they still haven't registered my bank account so I currently can't withdraw anything. Very frustrating, and it's also the most crash prone website I've had to use in quite a while, the second it gets busy. It crashes.

I need to move to somewhere else I think.