Australian (ASX) Stock Market Forum

Bitcoin and cryptocurrency trading thread

Jump to new
Yes and there are many who made their way through life
Who appeared to many as acting totally irrationally and
Branded as wrong by the crowd until proven right.

There will always be trail blazers and all of them will
Be seen as whackos by the majority who cannot see
The forest for the trees.

These people are as rare as the Mungers of the world,
Perhaps even more so. Prepared to accept ridicule from
All in many cases.

Past success doesn’t make you an expert in ALL fields.
 
Bill M said:
Wow, Aussie banks move so fast, Pay Pal have been doing this for years.
Click to expand...
Speaking of Paypal.
I think they missed a huge opportunity to make a mega killing by not offering Paypal coin as a form of transaction.
you could cash in your balance for it and get much less fees on your future transaction or just choose to do transactions by buying as you buy and sell stuff.
Then when the hole critpo currency thing collapses. They can just buy it all back. Would have been a king maker.
 
Bill M said:
Wow, Aussie banks move so fast, Pay Pal have been doing this for years.

The system will also allow people to link bank accounts to phone numbers or email addresses, removing the need to enter a BSB or account number when transferring money.
Click to expand...

That is exactly what my other half said, when I read it out to her.
The problem with our banks and reserve bank is, they are responsible for the confidence required in Australia's fiscal system, paypal is just another ebay company.
If paypal stuffs up, there will be a lot of angry people screaming and ranting, but it wouldn't even be a blip in the financial system.

However if the big 4 and the reserve bank stuffed it up, we would be in deep manure, on a World wide scale.
For the roll out of a new financial platform to be accepted, by the Banks and the Reserve Bank, it would have had some serious rigorous testing.
I don't think it would be an off the shelf package, also one would guess it is a platform that can be expanded upon at a later date, to incorporate crypto currency when it becomes mainstream.
Just my guess.

Actually Australia up there at the front, of change in the fiscal systems, I read recently a first world country is moving toward plastic notes. wow
 
Few questions to be asked, that those in Aus haven't had to ask but others have (Greece, Cyprus, Argentina, Venezuela).. For some the answer to the questions can be Bitcoin:
1 - What IS the plastic in my wallet (or more importantly now - on the computer)?
2 - What is the impact of all this on 'money' (money printing / negative interest rates / central bank competition to devalue their currencies)?
3 - If the US government is 'backing' the USD - can they actually do it, or have they made too many promises ($20T in debt, $80T++ in other liabilities and ongoing budget deficits)?
4 - The answer to the above used to be Gold/Silver/Sea Shells, but is there another 'store of value' which is better (limited number, easily transferable, portable, divisible, secure, not 'backed' by anything - like gold)?

If Bitcoin is 'better' in this capacity than Gold, then could it be worth as much as gold eventually ($2T ish for existing mined gold)? Until (big IF) Bitcoin gets to universal acceptance like gold has - the price is going to be volatile as people try to figure out what it is actually worth.

EVEN IF we think that the crypto space is a bubble, consider:
- That the 2000 stock bubble peaked at about $3T before it popped vs cryptos at approx $600T.
- That wall street hasn't dramatically moved in yet, how many people own a crypto ETF in their super fund?
- That governments haven't moved in yet and are beginning to build rules around it (ie tax rulings) which may imply acceptance

* Agree the price of other cryptos are bubbly - as some of the use cases don't either make business sense or have no 'moat' that you'd traditionally talk about with shares. Also they are open source so easily replicated where projects are profitable (so generate increased competition). Bitcoin does have some issues which need to be resolved (transaction cost / transaction time / PoS vs PoW) but has significant advantage as the first mover (a lot of people now know about Bitcoin and maybe Ethereum/Ripple, but couldn't name any others)
 
robz7777 said:
Few questions to be asked, that those in Aus haven't had to ask but others have (Greece, Cyprus, Argentina, Venezuela).. For some the answer to the questions can be Bitcoin:
1 - What IS the plastic in my wallet (or more importantly now - on the computer)?
2 - What is the impact of all this on 'money' (money printing / negative interest rates / central bank competition to devalue their currencies)?
3 - If the US government is 'backing' the USD - can they actually do it, or have they made too many promises ($20T in debt, $80T++ in other liabilities and ongoing budget deficits)?
4 - The answer to the above used to be Gold/Silver/Sea Shells, but is there another 'store of value' which is better (limited number, easily transferable, portable, divisible, secure, not 'backed' by anything - like gold)?

If Bitcoin is 'better' in this capacity than Gold, then could it be worth as much as gold eventually ($2T ish for existing mined gold)? Until (big IF) Bitcoin gets to universal acceptance like gold has - the price is going to be volatile as people try to figure out what it is actually worth.

EVEN IF we think that the crypto space is a bubble, consider:
- That the 2000 stock bubble peaked at about $3T before it popped vs cryptos at approx $600T.
- That wall street hasn't dramatically moved in yet, how many people own a crypto ETF in their super fund?
- That governments haven't moved in yet and are beginning to build rules around it (ie tax rulings) which may imply acceptance

* Agree the price of other cryptos are bubbly - as some of the use cases don't either make business sense or have no 'moat' that you'd traditionally talk about with shares. Also they are open source so easily replicated where projects are profitable (so generate increased competition). Bitcoin does have some issues which need to be resolved (transaction cost / transaction time / PoS vs PoW) but has significant advantage as the first mover (a lot of people now know about Bitcoin and maybe Ethereum/Ripple, but couldn't name any others)
Click to expand...

Don't worry if it is a threat, mainstream will sort it, that is the unfortunate reality.IMO
 
sptrawler said:
The Banks and Reserve Bank are trailing something.
Click to expand...

Not really related to cryptos or blockchain though, countries like Denmark have had the same sort of system for years, we used it when there and it was great, just used our mobile number for payments in real time.

I think this sort of thing is the likely real impact of the crypto/blockchain disruption - traditional financial businesses will upgrade their processes to be cheaper, faster and without barriers, so we will all benefit.
 
robz7777 said:
Few questions to be asked, that those in Aus haven't had to ask but others have (Greece, Cyprus, Argentina, Venezuela).. For some the answer to the questions can be Bitcoin:
1 - What IS the plastic in my wallet (or more importantly now - on the computer)?
2 - What is the impact of all this on 'money' (money printing / negative interest rates / central bank competition to devalue their currencies)?
3 - If the US government is 'backing' the USD - can they actually do it, or have they made too many promises ($20T in debt, $80T++ in other liabilities and ongoing budget deficits)?
4 - The answer to the above used to be Gold/Silver/Sea Shells, but is there another 'store of value' which is better (limited number, easily transferable, portable, divisible, secure, not 'backed' by anything - like gold)?

If Bitcoin is 'better' in this capacity than Gold, then could it be worth as much as gold eventually ($2T ish for existing mined gold)? Until (big IF) Bitcoin gets to universal acceptance like gold has - the price is going to be volatile as people try to figure out what it is actually worth.

EVEN IF we think that the crypto space is a bubble, consider:
- That the 2000 stock bubble peaked at about $3T before it popped vs cryptos at approx $600T.
- That wall street hasn't dramatically moved in yet, how many people own a crypto ETF in their super fund?
- That governments haven't moved in yet and are beginning to build rules around it (ie tax rulings) which may imply acceptance

* Agree the price of other cryptos are bubbly - as some of the use cases don't either make business sense or have no 'moat' that you'd traditionally talk about with shares. Also they are open source so easily replicated where projects are profitable (so generate increased competition). Bitcoin does have some issues which need to be resolved (transaction cost / transaction time / PoS vs PoW) but has significant advantage as the first mover (a lot of people now know about Bitcoin and maybe Ethereum/Ripple, but couldn't name any others)
Click to expand...

Question 5, could bit coin be the equivalent of tulips bulbs.

https://en.m.wikipedia.org/wiki/Tulip_mania
 
It could be and it may not be.

The basis of Cryptocurrency is here to stay.
It’s being adopted by banks and financial institutions
It won’t be long and Govts are likely to link currency to a
Blockchain or Blockchain like technology

There are already variants and lots of them each with their
Own positives and negatives being traded.

As I’ve said before Bitcoin could just become a commodity at a value
Which funds can be parked and liquidated if required.
 
tech/a said:
It won’t be long and Govts are likely to link currency to a
Blockchain or Blockchain like technology
Click to expand...

Its possible that they will use an encrypted ledger of some form, they possibly already do, but it will never be a public, decentralised, networked, ledger like blockchain - and therefore wont require a crypto to support the energy and work required to run and support a blockchain.

Thats really the problem with the pyramid/ponzi scheme that is blockchain and bitcoin, the 'currency' exists to allow the massively inefficient ledger to operate, the 'value' in the ledger is that it satisfies the libertarian's distrust of centralised social control. The whole pack of cards is basically built on lack of trust and it's existence is very precarious.

There is definitely some utility in blockchain, but its much more likely in the future that the cost of that utility will be paid for in existing currencies rather than the fairy money that the perpetrators of the sham are creating. Also because the likely form of those blockchain type technologies are likely to be centralised and private, the energy and work required to maintain them will be minimal, which lessens the need for any new currency to be magicked into existence.

Another nail in the coffin will be the fact that Governments and financial institutions are already responding to the disruption by removing the barriers to cross currency exchanges making them faster and cheaper. That removes a signifant benefit that cryptos enjoyed.

All of that aside, like any massive bubble market, cryptos have created fantastic opportunity for traders like yourself Mr Duck, I have no doubt you will extract significant personal gain and wealth creation from the madness! Sadly there are many who will give up significant wealth because they dont have the ability or knowledge to play the trading game.
 
tech/a said:
It could be and it may not be.

The basis of Cryptocurrency is here to stay.
It’s being adopted by banks and financial institutions
It won’t be long and Govts are likely to link currency to a
Blockchain or Blockchain like technology

There are already variants and lots of them each with their
Own positives and negatives being traded.

As I’ve said before Bitcoin could just become a commodity at a value
Which funds can be parked and liquidated if required.
Click to expand...

Tulips are here to stay also, they are pretty and smell nice, and hobbyists like to garden with them, but they aren’t worth the price they once spiked to when they first became super popular.
 
Value Collector said:
Tulips are here to stay also, they are pretty and smell nice, and hobbyists like to garden with them, but they aren’t worth the price they once spiked to when they first became super popular.
Click to expand...

Back then the world was flat
The Sun revolved around the earth and
You got around on a horse.
The gold standard wasn't known nor the Fiat system.

Think you'll agree that the world and its technologies are vastly different.

You may not agree that Bitcoins and Tulips are Flat earth and round.
I think we haven't seen the end to the highs seen with Bitcoin.

But as you know my money is on others.
So far the Bloom is brilliant.
 
tech/a said:
Back then the world was flat
The Sun revolved around the earth and
You got around on a horse.
The gold standard wasn't known nor the Fiat system.

Think you'll agree that the world and its technologies are vastly different.

You may not agree that Bitcoins and Tulips are Flat earth and round.
I think we haven't seen the end to the highs seen with Bitcoin.

But as you know my money is on others.
So far the Bloom is brilliant.
Click to expand...

Nope, the earth had been proven to be round about 1000 years before the tulip bubble.

But yes tech has advanced, but human nature remains the same, we haven’t as a species yet unhooked our selves from our capability to invent bubbles.

Good luck with it, it will be great until it’s not.
 
Amount at risk no biggie

Exponential spike of insane speculative
Irrational madness great
I’ll be on it
250% so far CRAZY

Zero
Life will be no different
 
oh and that Propery Bubble that was going to cost me everything I’d ever worked for which I rode for 18 yrs before
Freeholding everything and forever turning me into a self funded whatever

When is this happening?
 
Value Collector said:
Nope, the earth had been proven to be round about 1000 years before the tulip bubble.

But yes tech has advanced, but human nature remains the same, we haven’t as a species yet unhooked our selves from our capability to invent bubbles.

Good luck with it, it will be great until it’s not.
Click to expand...
Bubbles are awesome.
First in...best dressed.
 
Well then jump on some AI stocks, cause your involuntarily calling this a bubble whilst staying on it which kind of indicates an implosion is nigh!
 
notting said:
Well then jump on some AI stocks, cause your involuntarily calling this a bubble whilst staying on it which kind of indicates an implosion is nigh!
Click to expand...
I sold out half the other day. My initial investment was a couple thousand and take was in the hundreds of thousands.

I'm not sure we have reached a top yet. I think xrp will have legs to $5. But I'm watching what South Korea does with interest.

I'm not big on stocks anymore. Occasionally I will jump on something, but I definitely lost the passion for it a while ago. I sucked as a trader but was great at jumping on winners that 10bagged out my losses.

Day trading I was hit and miss. Getting in early and holding was what I was good at. And thats what I stuck with.

Not just investing in the usual property or shares.
I made profits reselling minelab detectors into Africa during a recent gold rush with minimal effort. 100-200%.

Or rare coins during the whole monetarium takeover/pyramid scheme fiasco.
Sheep/cattle
Food products
Exotic fish breeding.
Insects.
All on top of regular business.
But crypto I never thought would run the way it did. I missed the boat on it by only chucking a couple thousand in.

AI and biotech are still a bit early. Although there is a guy doing diy genetic mods to himself in the US and stuff like that. It's usually the start of a bigger trend.
 

Similar threads

DB008
Crypto USDT - US Tether
Replies
2
Views
4K
Dona Ferentes
Dona Ferentes
K
My Trading System
2 3
Replies
51
Views
19K
MRC & Co
MRC & Co
Top