Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[cambridgealex]

Everyone who has Crypto - what is your exit strategy if any? Anything that would make you cash out tomorrow?

It's a tough one. I put in an amount I was willing to lose, but the better it does, the larger % of my net it represents, it will become too risky to just hold it all.

I view it as a poker tournament. Say the buyin is £5k, which I am happy to lose on a poker tournament.

I make day 2 with a good stack, now my stack is worth £15k. Do I sell off any action? Course not.

I make day 3, stack is worth £80k. It could all go in one hand. Meh. I'm in a good spot. I'm only in for £5k, I've locked up a mincash. Let's see what happens. However, this is the point people probably should think about selling.

Let's say I "cashed out" for my exact EV of £80k and then tomorrow was offered to buy back in for the same tournament at the same stage for £80k. Would I spend £80k of a £500k roll on a tournament with only a £10k mincash guaranteed? I doubt it. Nobody is rolled for the swings of late stage tournaments, it's all one huge gamble at that point. But because everybody is only in for £5k, they don't see the need to sell.

That's how I'm seeing bitcoin at the moment. I've made day 3 and I've got the top prize money flashing in my eyes, but I'm aware that it could go all tits up at any moment and I have a huge loss in EV that I'm not really rolled for.

My strategy is going to take little bits out at each price level, (I sold 15% at $7200 a couple weeks ago, will take some more out at $15k if we get there), but mainly just let it ride because I believe in the technology and I believe in the ideas behind it so each time I sell it's -EV if that's true. But I'm not very knowledgable at all I'm just following the smart people that are, and not rolled for the potential swings so I have to reduce variance a bit.

Cliffs: Take out some profits, but mainly letting it ride and hoping I can buy a beer for 0.0000000000001 bitcoin in 2020.

[tikay]

That THM Forum thread starts like this, incidentally, in case you CBA to read it;



I don't know about you but I'm getting quite fascinated by the new phenomenon of ‘BitCoins’. Apparently the world is starting to go bonkers for them but at circa $94 a pop, from less than $12 in Dec, has the world gone mad and is this idea of a ‘BitCoin currency’ a bubble of economic nonsense?

[DaveShoelace]

Everyone who has Crypto - what is your exit strategy if any? Anything that would make you cash out tomorrow?

It's a tough one. I put in an amount I was willing to lose, but the better it does, the larger % of my net it represents, it will become too risky to just hold it all.

I view it as a poker tournament. Say the buyin is £5k, which I am happy to lose on a poker tournament.

I make day 2 with a good stack, now my stack is worth £15k. Do I sell off any action? Course not.

I make day 3, stack is worth £80k. It could all go in one hand. Meh. I'm in a good spot. I'm only in for £5k, I've locked up a mincash. Let's see what happens. However, this is the point people probably should think about selling.

Let's say I "cashed out" for my exact EV of £80k and then tomorrow was offered to buy back in for the same tournament at the same stage for £80k. Would I spend £80k of a £500k roll on a tournament with only a £10k mincash guaranteed? I doubt it. Nobody is rolled for the swings of late stage tournaments, it's all one huge gamble at that point. But because everybody is only in for £5k, they don't see the need to sell.

That's how I'm seeing bitcoin at the moment. I've made day 3 and I've got the top prize money flashing in my eyes, but I'm aware that it could go all tits up at any moment and I have a huge loss in EV that I'm not really rolled for.

My strategy is going to take little bits out at each price level, (I sold 15% at $7200 a couple weeks ago, will take some more out at $15k if we get there), but mainly just let it ride because I believe in the technology and I believe in the ideas behind it so each time I sell it's -EV if that's true. But I'm not very knowledgable at all I'm just following the smart people that are, and not rolled for the potential swings so I have to reduce variance a bit.

Cliffs: Take out some profits, but mainly letting it ride and hoping I can buy a beer for 0.0000000000001 bitcoin in 2020.

Yes this has been my exact same instinct, albeit at a much smaller level.

[lucky_scrote]

It's a good idea to diversify. I look to cash out bits and pieces here and there. As Picken posted, it's probably hurting your long term EV but psychologically it makes sense and if it is a bubble and all goes tits up, it reduces the pain a little.

Equally if I cash out a chunk and price of bitcoin drops 50% overnight I will buy it all back.

[shipitgood]

Does anyone use Bitcoin (as a currency) for Poker Sites, is that even possible?

[TightEnd]

Spare a thought

https://amp.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site

[neeko]

You can probably dispute the year 1 for bitcoin start point, but er [broken record]    Quack

Click to see full-size image.

[bergeroo]

You can play on Betcoin. They are on the acr  network

[rinswun]

Just purchased 50 vertcoins. Reckon they could be 2018s Litecoin. A lot to like.

[TightEnd]

Bitcoin is a vehicle for fraudsters, warns Goldman Sachs boss

https://www.theguardian.com/business/2017/nov/30/bitcoin-is-a-vehicle-for-fraudsters-warns-goldman-sachs-boss?utm_term=Autofeed&CMP=twt_b-gdnnews#link_time=1512079921

[SuperJez]

When Martin Lewis writes a blog on bitcoin you know it's going mainstream..........

https://blog.moneysavingexpert.com/2017/11/30/invest-bitcoin-four-things-need-know/

[EvilPie]

I wonder how many people who bought these when they were really cheap, say $100 still hold them now?

I know they've soared in value but surely most people get out when they 10x their initial investment?
 

[Graham C]

Hope that chap who threw away the computer with bitcoins in isn't following the price anymore.

[EvilPie]

Hope that chap who threw away the computer with bitcoins in isn't following the price anymore.

Surely that hard drive must've been found?

Even when it was 'only' worth £4M you could've easily found it for considerably less.

Now it's worth $75M even though it's buried under an extra 20m or whatever of rubble you'd still make a profit on finding it.

I have a feeling there's a follow up story possibly involving someone calling bullshit but possibly someone finding it.

But if it is all true I imagine he just tries to convince himself that if he hadn't lost or forgotten about it he'd have cashed in well before now so he hasn't really lost $75M, just the £4M from when he threw it away.

[DaveShoelace]

I wonder how many people who bought these when they were really cheap, say $100 still hold them now?

I know they've soared in value but surely most people get out when they 10x their initial investment?
 

I've got a mate who had two at 100 quid each, and another who had eight even earlier, who are both pretty gutted atm.