Cryptocurrencies, and the next big thing

[LifeChoices]

FFS I'm not accumulating Bit Coin (sic). I'm currently accumulating Ethereum.

The Wright Brothers invented the first plane, but who would want to fly on their invention.

You guys are obviously interested in the sector - otherwise you wouldn't be so dismissive.

Why not dip your little left toe into it - what's the worst thing that could possibly happen? At worst you wouldn't be so naive.

 

[Value Collector]

I'm currently accumulating Ethereum.

Good luck with that, I think when you used the term "Gambling" you were spot on.

Why not dip your little left toe into it - what's the worst thing that could possibly happen? At worst you wouldn't be so naive.

As I said, I will wait till it becomes "Main stream", Then I won't have to "Buy it", I will have it flooding in the door from all the productive assets I accumulate between now and then.

At the moment I own Honey packing plants, Salmon farms, Iron ore mines, Oil fields, Supermarkets, Gas pipelines, Car dealerships, Pallet pools, Banks, Theme parks, Movie studios, Hotels, Restaurants, residential realestate, Insurance businesses, rail ways, wind, solar, coal and nuclear plants, power lines, Air craft parts manufacturing, airlines, credit card companies, chemical company, highway road houses, Coca Cola, Heinz, and the list goes on and on and on.

I would much rather own this diverse group of assets, until I begin getting dividends based in any of the crypto currency, I have no need to own any, not even for 5 mins.

 

[LifeChoices]

That's great

 

[Wysiwyg]

Pointless trying to convince investors and the conservative risk profile. You need speculators to buy higher for you.

 

[Wysiwyg]

Is anyone enrolled with "Coinbase" and how safe is it to give personal details?

 

[Junior]

Yeah. And your point is?

The tech bubble didn't kill the tech industry - it didn't go away, it got stronger - way stronger. The ASX is built on the tech industry - just banks holding it back. It will probably be one of the first industries to go the way of blockchain.

Bitcoin has bubbled about 5 times already - it hasn't gone away. Blockchain isn't going away.

What do you guys do all day on this forum? Talk flat earth theories?

It's my turn to give up.

You have been regularly comparing investing in Cryptos to investing in Telstra. My point is that Cryptos are in a huge bubble, and one should be wary of investing all their cash in cryptos because you may blow the lot....especially if you are simply accumulating funds there, if there is a rush for the exits you could lose your profits and then some.

I'm not dismissive of blockchain technology, I'm just pointing out that converting a large chunk of your cash into Ethereum is a very, very high risk strategy. There is a belief that if you think Cryptocurrencies are the future of money that you should just blindly buy as much as you can get your hands on. I think that is a naive way of looking at it, and a great way to go broke once the bubble bursts.

 

[Wysiwyg]

Is anyone enrolled with "Coinbase" and how safe is it to give personal details?

Please also what are the tax implications for gain or loss?

 

[LifeChoices]

Coinbase is a tad on the expensive side. Many traders go BTCMarkets or Independent reserve buy Eth or BTC and then move coins to bittrex and trade alts there. BTCMarkets seems to be very well supported.

http://www.bitcoinreviews.com.au/#compare

Be careful of some of these - hint... check their social media pages for activity.

TAX
Is it a hobby, under $10K?

From what I understand the tax implications are the same as for any other capital gain.

 

[Wysiwyg]

Also this sign tells "BTC/USD trading is not yet available in your region".

 

[LifeChoices]

Best place to ask about this stuff is from here:
http://www.aussiecryptotrader.com

 

[Wysiwyg]

Coinbase is a tad on the expensive side. Many traders go BTCMarkets or Independent reserve buy Eth or BTC and then move coins to bittrex and trade alts there. BTCMarkets seems to be very well supported.

3.99% for a Debit transaction ...

(a) Minimum fee — a flat fee that applies to conversion transactions under $200, and which is disclosed before you execute the transaction.

(b) Percentage fee — varies by region and payment type, as follows:


Australia
Credit / Debit Card Buys
3.99%

 

[LifeChoices]

Yes and then each trade is about 1%. If you hold, no probs.... but it adds up if you trade.

 

[Wysiwyg]

Best place to ask about this stuff is from here:
http://www.aussiecryptotrader.com

Should be neither on the front page. I do proof readings $20 per 1000 words.

Crypto markets never sleep … and either do Aussie Crypto Traders!

 

[LifeChoices]

Fixed that. Thanks very much.

The thought of buying BTC before 25 Oct will be very interesting - right now it's 3% below an all time high of $5K. On 25 Oct a "hard fork" is taking place where the coin splits again into Bitcoin Gold. 3 weeks ago bitcoin was priced under $4K.

One day in crypto is equivalent to one month in the ASX. Thrills and spills without the hospital bills.

 

[Wysiwyg]

Pump and Dump app. for significant transactions is cool. Can the parameters be customised?

 

[LifeChoices]

I wrote the app - I can customise it. Ideally it would send alerts before it happened.

That said, it did save my arse in mid September, BTC started dumping heavily on volume - sold in the first few minutes.

Also very good when news is released on coin. But yes, it does produce a lot of noise as often pumps/dumps happen when a support level is reached.

 

[Joules MM1]

http://www.reuters.com/article/us-r...2631&utm_medium=trueAnthem&utm_source=twitter

"Russian central bank to ban websites offering crypto-currencies"

let the conspiracy theists at it

 

[LifeChoices]

 

[Modest]

“This man sold everything for bitcoin and is now on a campsite awaiting the boom”

https://www.google.com.au/amp/s/amp...-a-campsite-awaiting-the-boom-20171010-gyyd1p

Is this you LifeChoices?

 

[SuperGlue]

Anyone manage to get in this?

Blockchain technology fuels peer-to-peer solar energy trading in Perth start-up

"In just three days, Power Ledger raised $34.15 million in Australia's first ever ICO (Initial Coin Offering), which involves a blockchain company selling part of its ledger to investors which gives them access to the function of the blockchain"

http://www.abc.net.au/news/2017-10-...-peer-to-peer-energy-trading-start-up/9035616