Spuck-uk
Banned
And theres a not inconsiderable chance they'll vanish with your coins and/or get hacked.
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Bitcoin prices hit new record high of over $2200 (10/13 Update: peaked at $5,829)
- Thread starter XiaNaphryz
- Start date
And theres a not inconsiderable chance they'll vanish with your coins and/or get hacked.
No one would be so stupid as to market sell that much at once, and even if they did the price would shoot right back up just like it always does. Bitcoin has a marketcap of almost 37 billion, 75 million would just be a red blip on the chart and have people laughing at the idiocy of market selling that much. All they have to do is put it on an exchange like GDAX and offload them at a set price over a few days or weeks. This is happening every day and has been for years. Selling Bitcoin isn't very difficult.
I know most of the worlds currency is fiat. I was comparing to a gold/silver standard because they were made to avoid inflation in the days before central banks existed. Even they could be mined, though and thus there would be no drastic deflation that has happened here.
As for speculation bubbles, I can't see a market like that being stable. Yeah, you can make a lot of money if you play it right, but it's also possible for a market like that to crash into total nothingness. If the US stock exchange crashed every few years as drastically as this, the desire to invest would be much less. There's no stable long term gains this way.
As it stands, the bitcoin is a worthless currency and a worthless investment. Not a good look for its future.
If the dollar was this volatile it wouldn't be the standard currency that the world uses. If the bitcoin wants to be taken more seriously, it needs to find a way to add new ones to the market occasionally (more so than the exponentially reducing crypto-mining is doing, that is). Being purposefully volatile and deflationary is a bad design choice.
Fenderputty
Banned
From what I understand, Ethereum is also deflationary by design so LOL
PdotMichael
Banned
Making your toy currency deflationary is like the greatest idea, it makes it completely useless as real currency but if makes a great ponzi sheme
LumpOfCole
Member
I have no earthy idea what dogecoin will do. I have about 35,000 left after buying some Steam cards and BattleNet money with it this week but I'm not nearly knowledgeable about crypto to make an informed buying decision of any coin. It's fascinating to watch though.
It reminds me a lot of tulip futures. It's a currency with no innate value, outside of a great way to make black market internet purchases or avoiding taxes/regulations.
I keep being surprised at its price spikes, but still feel like the crash is just around the corner.... of course $75 billion might be a good number to just keep around as a way for criminals to buy and sell things on the black market untraceably.
Fenderputty
Banned
I'm considering dropping $100 on Ethereum early because of this.
Because doge is inflationary, it's probably NOT going to give the returns that a deflationary crypto would if you're speculating highs and lows. It's simply that because Doge is inflationary, it has the better design for becoming an actual currency.
Amory
Member
I just figure the day I do it'll crash.
Too volatile for me. And I don't even understand the forces behind them going up or down.
Fuck, I don't really even know what they are.
SapientWolf
Trucker Sexologist
Unlike physical money, you can arbitrarily subdivide bitcoin indefinitely. Supply doesn't seem to be the factor driving the prices up.
grap3fruitman
Banned
I had pennies leftover last I checked but I can't remember my wallet info. Bummer.
Ron Mexico
Member
And this is the investment fallacy in its purest form. Substitute BTC for any number of other investments and off you go.
I'm not saying not to invest. I'm saying invest for the appropriate reasons.
Adam_Roman
Member
The only coins I've fiddled with are Litecoin and Dogecoin. Doge is pretty profitable during some spikes because they cost so little. Litecoin are more of a long-term investment I feel. I don't know anything about other cryptocurrencies.
It's not that difficult really. Just use Kraken and apply for the different tiers.
I think all these sites are getting a ton of new users. Been over a week and Kraken hasn't verified my account.
I had 28$USD left after an Ethereum purchase on Poloniex. Threw it at Ripple which was well lower than a penny.~4000 XRP.
Currently at 1780$.
What ifs will kill you. What if I had thrown 200$ down, 1000$.
Well, insofar of the dream of bitcoin, it's certainly dead. They proved that you could essentially take over the blockchain; the system failed. And now bitcoin is being used as a way to extort money and illegal items, or as an investment, rather than a true currency.
As for not being worthless, speculation does crazy things. Putting your money in bitcoin versus tangible assets to hedge against the economy still seems like a terrible idea.
Lilalaunebaer
Member
I mined alt-coins after the last hype cycle where bitcoin reached a bit over 1000$. Now i downloaded all the wallets of those coins to see how much they´re worth now. I don´t know how many of each i have. Currently i have 6 wallets downloading 3-4 years of blockchain lol. Will take a day or two.
Will sell em all and, take profit and buy again in, let´s say half a year when the current hype cycle is over and bitcoins goes down again. At least i expect it to.
Will sell em all and, take profit and buy again in, let´s say half a year when the current hype cycle is over and bitcoins goes down again. At least i expect it to.
Unknown Soldier
Member
Japan is more or less the trigger for the current craze. I think most people are busy hanging on for dear life while Japan is going ham at the moment.
Mr. Lemming
Member
This almost makes me feel as bad as not buying APPL when it was at $8/share before the ipod came out.
If you got some when it was under a buck then you're laughing, but it's taking a long time to get it mainstreamed, it's highly volatile, difficult to sell, and hacking history has made bitcoin a pretty sketchy investment.
I think it's here to stay and a crypto-currency makes a lot of sense, but at the current price it's a horrible investment and not very widespread to use conveniently. It's going to take a few more years before it's considered a mainstream currency, and that's assuming legislation doesn't decide it's too sketchy and tries to stomp it out because of the illegal applications. My bet is bitcoin is well enough established to stick around and be the go to. It should stabilize and be a reasonably convenient currency, but I'd bet on it being a roller coaster of an investment forever. As for the other wannabes, I highly doubt they can catch up to what bitcoin has become and gambling on that is probably just throwing away money.
Congrats to those who gambled a few bucks and got some bitcoin when it was cheap, assuming they still own it, but don't fret if you didn't gamble on Bitcoin. It isn't the greatest thing invented.
Aquavelvaman
Banned
I bought about $150 in bitcoin and ethereum around the time this thread popped up and it's now worth over $220. I could sell it now and have a free Switch game or I can keep riding this train to ruin.
What do
What do
Shouldn't be any reason why you can't recover the the wallet file unless the HDD was formatted.
Obviously a bubble, if anyone new when its gonna pop that'd be rich. But you can either take the guaranteed switch game or gamble on losing money.
panama chief
Member
yes...more dates for missed opportunities please. making a nice list so when i quantum leap into my 10 year old body, i can cash the fuck out.
Man, I have bitcoin at Coinbase, but Coinbase is making me so fucking fed up.
I went to buy some ethereum there a couple days ago. And I only have a payment method of my Bank setup. I order the ethereum and its gonna take 7 fucking days for it to actually complete the transaction. Ok, fuck. So I order half of what I wanted to buy this way. But I'm pretty sure when I bought my bitcoin back in 13 it was instantaneous.
I find that I can use a debit or credit card for instant purchase, but their card system has now been broken for days. It fails the CVC number everytime.
They have had a sticky message on their site saying they are looking into this, but its been like 3 days now at least and no fix.
I then went to GDAX, also run by Coinbase and using the same account, thinking maybe I could buy there somehow instead. But it ask for photo ID verification. Ok, that seems a bit much to me but I went with it anyway. I have my computer webcam take some photos, after uploading, I see my verification fails over and over again. I then try the coinbase mobile app to take the photos, it uploads and then does nothing, just goes back to the settings screen. It gives no reason as to why its failing, or options to fix it.
I then try the ID verification on the coinbase site, I click verify button, new window pops up, and only has a back button. Gives no way to actually upload any ID.
TL
R is there some better sites? I know people arent super happy with Coinbase. Is Whaleclub any good?
I went to buy some ethereum there a couple days ago. And I only have a payment method of my Bank setup. I order the ethereum and its gonna take 7 fucking days for it to actually complete the transaction. Ok, fuck. So I order half of what I wanted to buy this way. But I'm pretty sure when I bought my bitcoin back in 13 it was instantaneous.
I find that I can use a debit or credit card for instant purchase, but their card system has now been broken for days. It fails the CVC number everytime.
They have had a sticky message on their site saying they are looking into this, but its been like 3 days now at least and no fix.
I then went to GDAX, also run by Coinbase and using the same account, thinking maybe I could buy there somehow instead. But it ask for photo ID verification. Ok, that seems a bit much to me but I went with it anyway. I have my computer webcam take some photos, after uploading, I see my verification fails over and over again. I then try the coinbase mobile app to take the photos, it uploads and then does nothing, just goes back to the settings screen. It gives no reason as to why its failing, or options to fix it.
I then try the ID verification on the coinbase site, I click verify button, new window pops up, and only has a back button. Gives no way to actually upload any ID.
TL
R is there some better sites? I know people arent super happy with Coinbase. Is Whaleclub any good?
D
Deleted member 1235
Unconfirmed Member
holy shit i own 26 (lol) litecoins. i fucked with this during the mount gox scandal and figured i had lost 326 euro gamble. its currently worth around 800 euro.
PdotMichael
Banned
How is that a counter argument? The destuctive nature of a deflationary currency is still there.
I guess the question then is how high will this go? Especially since supposedly BTC is going to become sales tax free or something there after July. Also, I wonder if there was any traction on the retail side after the Bic Camera debut?
If it's only $220 total, I'd ride the crazy train til maybe 2 or 3 free Switch games.
..TL
Gemini and Kraken look legit.
Same, if not a tad bit more.
Thanks, Ive only dabbled a little bit, is it possible to move my bitcoin from Coinbase to one of those easily? Or does it not work like that?
You can also arbitrarily subdivide other fiat currencies, there's a certain point where there's too little buying power to care.
If you're along the line of "well, you can keep subdividing BT to keep it closer to 1$ per chunk", then what you are actually dealing in is US dollars, not BTC.
Nobody cares about BTC unless they can convert it into USD. Nobody holds BTC, everyone that accepts it as payment immediately converts it to USD. There are no liabilities or debts held in BTC. It's worthless without the USD.
If you view money never earned as money lost, casinos love you.
I shit on it because BTC tries to pretend to be "real money again like the gold standard!", because every goddamn currency is functionally fiat, even gold. What BTC exceptionally fails at is being worse than both cash and credit.
Anonymity? Cash is better. With BTC having a completely transaction history of every payment ever, with enough computational time you could trace back every transaction ever done, even through tumblers, and you'd be able to speed it up with parallel constructions through business ledgers and basic detective work. And this is for all of time, forever. Not only is privacy a concern, imagine people being able to fuck you over because your grandpa bought something, and his transaction stays in history forever. It would absolutely fuck the poor even more for credit because you'd be able to figure out how a family has spent without their consent or knowledge.
Conversely, cash is private. It can pass between multiple people, or even get dropped on the ground. Even if you scanned dollar bills as they came in there would be so many weird jumps and holes in it's history that trying to use it to rebuild a history would be fruitless.
Credit has the advantage of being able to be used instantly over long distances/online, but if someone fucks me over, I can get that money back. With BTC, this doesn't exist, by design due to it's lack of a central authority. Credit or debit cards would not work if there was a root "insurer" like the US government to keep everything moving and less dangerous to use.
When people want anonymity, they want anonymity. BTC doesn't have that. When they don't want anonymity, but a backing assurance their money won't be stolen, they want a centralized authority like the Treasury and banks. BTC doesn't have that.
Yeah, just find out what your wallet deposit address on Gemini or Kraken are and you can send BTC from your Coinbase wallet.
Unknown Soldier
Member
Man, I have bitcoin at Coinbase, but Coinbase is making me so fucking fed up.
I went to buy some ethereum there a couple days ago. And I only have a payment method of my Bank setup. I order the ethereum and its gonna take 7 fucking days for it to actually complete the transaction. Ok, fuck. So I order half of what I wanted to buy this way. But I'm pretty sure when I bought my bitcoin back in 13 it was instantaneous.
I find that I can use a debit or credit card for instant purchase, but their card system has now been broken for days. It fails the CVC number everytime.
They have had a sticky message on their site saying they are looking into this, but its been like 3 days now at least and no fix.
I then went to GDAX, also run by Coinbase and using the same account, thinking maybe I could buy there somehow instead. But it ask for photo ID verification. Ok, that seems a bit much to me but I went with it anyway. I have my computer webcam take some photos, after uploading, I see my verification fails over and over again. I then try the coinbase mobile app to take the photos, it uploads and then does nothing, just goes back to the settings screen. It gives no reason as to why its failing, or options to fix it.
I then try the ID verification on the coinbase site, I click verify button, new window pops up, and only has a back button. Gives no way to actually upload any ID.
TL
Bank transactions are functionally delayed 3-5 days because of how electronic funds transfers work in the US. You can't get around this with any site you care to use, so sit back, relax, and enjoy the volatility while you wait slowly for your American bank to decide it feels like sending your money to Coinbase. The alternative is sending money by wire I guess but the fees to do this are ridiculous so whatever. I'll just assume it won't crash in the 3-5 days between when I buy it and when I'm functionally able to sell it. I see no flaws in this plan.
I saw that you can only buy $500 worth of whatever using a credit/debit card and just laughed.
It's only been since I think March when that Japanese decision happened? Probably too early to find out if people are actually using Bitcoins to buy stuff at retail yet.
The JP decision was to treat BTC as an asset, not a currency. I think other countries which have officially recognized it have also treated it the same way. For the moment I think a lot of countries which issue their own sovereign fiat currency will balk at acknowledging the legitimate existence of a private non-sovereign currency but that resistance may go away in the next 5-10 years if use of cryptocurrencies continues to grow.
10 years ago people would have laughed if you said a private corporation would be competing with like 4 major world governments in commercially launching rockets. So I don't think it's at all unlikely that in 10 years private cryptocurrencies will be de-facto and de-jure accepted worldwide as legal tender for all debts, public and private.
yes
Conor_Fool
Banned
I would go for it, as it doesn't seem to be breaking Rule #1 of don't invest more than you're willing to lose. And extension to Rule #1: HODL
sell out 150 worth of bitcoin/eth and ride the eth hype train on $70 of free house money
bitcoin is slow and steady, IF it even doubles from what it is it will be unheard of
Eth doubling form <200 to <400 is much more likely and should happen sooner
Eth used to be 45 back in march when I bought, its already gone 4x up, that 70 would be 280 right now (or in my case a grand to 4K+)
Coinbase lets you send coins to any old address, I've used it to sidebuy other altcoins
BTC has gone up a lot but percentage wise it's not as much as eth, but it's got the name recognition and is the coin all others are compared to
Conor_Fool
Banned
Bitcoin is the grandfather, if you will, that's stuck in the past. Eth is the rebellious grandson that will overthrow his grandfather's legacy. ETH hype is real
If you don't need it and can accept the fact you might lose it, I'd go for it.
it is slow today...
Japan within striking distance of $3000 USD/BTC. We're definitely in Crazy Ivan territory. US getting pulled up kicking and screaming lol.
Coinbase, GDAX (which is Coinbase with lower fees), Kraken, or ShapeShift.io are some options.
Coinbase, GDAX (which is Coinbase with lower fees), Kraken, or ShapeShift.io are some options.
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