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Bitcoin and cryptocurrency trading thread

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If I can buy something with Crypto
Then it has a value.

Again
There are 3 schools
Each have their argument

I don’t have to convince you
Not you I
But I do enjoy learning and the discussion
It’s an important topic I think as it will be featuring in our lives in someway going forward
 
This whole Bitcoin/crypto currency thing is some crazy ****!

Spoke to a old friend today as you do on this day, who bought 10 bitcoins for 100 bucks each a few years back, anyway he still has most of them and other currencies and he was almost manic in his support for the whole crypto thing. He has no plans to sell at all as he believes this thing has just started, When I asked him how his mental state would be if it did tank, he replied that, as he had very little (original) skin in the game, it was all or nothing for him, well, actually, he just could not see the nothing side of the ledger.

Maybe this has been an opportunity lost for most of us. If it moves, buy it usually works, so have we been caught asleep at the wheel? But do not worry I won't be going all in anytime soon.
At the very minimum it will be a wild ride to observe from the sidelines, just hoping it doesn't derail other markets if /when it crashes.
Although maybe a small punt of 1-2K on Litecoin, whatever that is, may be in order so I can buy that Tesla Roadster when they become available in 2020
 
tech/a said:
If I can buy something with Crypto
Then it has a value.
Click to expand...

Please don't call it crypto. People who know anything about encryption technology cringe every time "cryptocurrency" gets abbreviated like that.

You can't buy anything with cryptocurrency.

It's like you're saying "if I can buy something with a kilo of bacon then it has a value". No. What actually happened is you paid legal tender to buy some bacon at the shop or you slaughtered a piglet you have been feeding for the last year. Maybe after that the price of bacon went up because of a swine flu scare. Now you're telling me bacon is the currency of the future.

Nobody accepts a kilo of bacon as legal tender or means of settlement. You can sell the kilo of bacon for base money (cash) or claims on base money (bank deposits, credit, etc) and buy something with that.

Who on earth would buy or sell anything with cryptocurrencies, which are the most volatile asset class in the world today?

Why would I pay you 1 Ripple for a coffee today if I have no way to know whether or not that Ripple might be worth 5000 coffees tomorrow?

Why would you accept a payment of 1BTC for a car today if that BTC might be worth half of its currency value tomorrow?
 
I’m actually stunned, jaw dropping stunned that tech is on the other side of this discussion. It’s like I’ve been teleported to some other world where black is white.....scary stuff.
 
For people who are supposedly well informed.

It’s Xmas
But to say you can’t buy anything with Cryptocurrency seriously??

I’m sure people would accept my bacon
For payment if they needed bacon

Just as mining gold or silver or coal or bitcoin will also allow me to purchase a lot of things

Can
I’m very used to being tha black duck
It’s served me well.

Anyone can be average.
It appears I’m way outside of mainstream thinking.
Fantastic less of us out here.
 
I thought Ducks didn't live long enough to get alzheimer's
Then again he's no ordinary Duck
Maybe it's a kind of denial coupled with stress thing
There are people who eat duck for Christmas.

Not surprised that they have all been pushed down with and into low volume
 
I saw duck in Coles yesty and thought "who eats duck for Christmas?". I guess someone does, definitely on the menu for new years apparently...
 
For deep thinkers
Your seemingly falling into the trap of
Fear.

The duck has less than a few %. Of net wealth at risk.
Thanks for the warning

Why do you feel compelled to present little
In an effort to convince myself and everyone else that I’m a Moron

I know!

Exciting times

I’ll put together a post after Xmas with all the positives I see .
Not to convince anyone but to add something of interest to the sky is falling barrage
Of posts

Some may find it as compelling as I do.

Back to feasting drinking sleeping and
Getting those damn kids out!
For a DUCK!!
 
tech/a has bought a proverbial lottery ticket. He has judged that there is non-zero probability that one of the cryptocurrencies he's bought has a chance to be a 10x, 100x or even 1000x+
If he's wrong he takes a small hit and moves on. If he's right he gets a large payoff
Risk/reward is extremely skewed. What more can you ask for?
 
It's a free country, everyone should be free to speculate with their money as they see fit and if you got rich off cryptocurrency, I wish you the best (so long as you pay your taxes).

I'm not here trying to say what people should or shouldn't do.

But if you say "cryptocurrency is revolutionary because of X" or "cryptocurrency is worth Y because of Z" and X or Y or Z is wrong or based on a fallacy or an outright lie on a public forum thread about a topic, getting called out by people who know what they are talking about is a reasonable expectation.

In the year 1989 rational people were saying that Japanese stocks were in a bubble and other people were saying "there are 3 schools of thought about Japanese stocks and each has its own argument".

In the year 1999 rational people were saying that tech stocks were in a bubble and other people were saying "there are 3 schools of thought about tech stocks and each has its own argument".

In the year 2007 rational people were saying the global financial system was in a bubble and other people were saying "there are 3 schools of thought about the global financial system and each has its own argument".

We should already know by now that people who are trying to talk rationally about facts aren't wrong just because the price of something appreciated exponentially.

tech/a is saying that there when it comes to cryptocurrencies "there are 3 schools of thought about it and each has their own argument". No. In the same discussion that has been happening on internet forums for the last 9.5 years since Satoshi Nakomoto released his Bitcoin whitepaper, there have been some rational people who understand the underlying premise and technology and other people who are making up or repeating tropes that rationalise their speculation.
 
I don't care if Ducky he has his entire nest of eggs on it.

tech/a said:
Your seemingly falling into the trap of
Fear.
Click to expand...

Who's afraid? It's the greatest short on earth!
That's all. - and we're so excited we can't stop talking about it!
So stop with the lecturing on tatts tickets, punting and stuff my cat understood about 75 years ago.:D
It's much funnier when you talk about the :eek:merits of Bitcoin.:p:xyxthumbs
 
Last edited:
Let's just be clear on this, at the moment "cryptocurrecies" actually cannot yet be considered as currency because nobody is pricing anything in them yet. Even retailers that accept Bitcoin as payment actually price their goods in currencies such as USD, AUD, EUR, etc and if you want to pay in Bitcoin the bitcoin price fluctuates minute to minute. Most of these retailers actually have a mechanism to exchange the Bitcoin, etc as soon as they receive it and have no intention to own it.
 
Everything on BTC Markets currently trading at about a 5%+ discount to coinspot prices.
Can transfer some across for an arb.
Do note that BTC transfers from BTCMarkets takes ages, litecoin is a lot faster.
 
tech/a said:
I don’t have to convince you
Not you I
But I do enjoy learning and the discussion
It’s an important topic I think as it will be featuring in our lives in someway going forward
Click to expand...

Absolutely, that is why I have posted in this thread, even though I am not a trader. I am reading voraciously, on all points of view, to try to better understand cryptos & blockchain.
 
jjbinks said:
It is a relatively rare resource.
Click to expand...

Oddly enough, its not actually. Just about every gram ever mined is still in circulation, its a relatively common mineral with massive reserves in the ground still. Its mainly gained its price thru emotional attribution of value and speculation.
 
notting said:
Even the founder of Bitcoin doesn't think it's going to be used as a international transaction currency but as 'a store of wealth, a safe haven if you will.'
That would be Gold.
https://www.cnbc.com/video/2017/12/25/buying-on-the-cryptocurrency-dips.html
Click to expand...

Huh? I didn't watch the video but the caption says "Julian Hosp"? How is whoever that is "the founder of Bitcoin"?

Whoever that is proves my point about people that are spouting the next trope to rationalise their position.

Satoshi Nakomoto, the alias used by the actual "founder" of Bitcoin wrote in his seminal Bitcoin whitepaper that it was specifically intended to be an international transaction currency. You can read it here:

https://bitcoin.org/bitcoin.pdf

The title is literally "Bitcoin: A Peer-to-Peer Electronic Cash System". Cash. Not gold.

BTC longs used to say BTC was going to supplant the USD because you could send money anywhere, nearly instantly, for nearly nothing.

Now that there are 200,000+ transactions stuck in the BTC mempool, and the average transaction fee is $20+ (with transaction fee $1,000+ to clear a moderate sized transaction) and companies like BitPay and Steam are discontinuing Bitcoin transactions in favor of Bitcoin Cash or Litecoin or whatever, this whole "digital gold" meme is just the latest way for BTC longs to rationalise a system that has been unable to scale and meet it's original intention.

galumay said:
Its mainly gained its price thru emotional attribution of value and speculation.
Click to expand...

Maybe better in another thread but if you look at the chart I posted in the "international markets banter thread" you can see that is obviously not true. The biggest and most liquid financial flows drive the price of gold, like real interest rate expectations (as that chart obviously demonstrates) and the long term cost of energy (production input).
 

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